Republican and Democratic lawmakers in New Jersey are set to propose several public employee pension reforms they say will save the state billions of dollars.
Under the proposals all public workers would be required to contribute 1.5 percent of their salary toward their health benefits. Also in the mix is reducing the state's long-term pension obligations by making it less generous and reducing who is eligible.
Comprehensive pension reform has been a top priority of Republican Governor Chris Christie and he welcomed the efforts of Democratic Senate President Steve Sweeney to accomplish it. Later in the week Christie will make an unusual joint session speech addressing ways to close a $2 billion dollar budget gap for the current year.