New Jersey Gov. Christie Mulls 401(k) For State Workers

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New Jersey Gov. Christie Mulls 401(k) For State Workers

by Wochit 0:48 mins

New Jersey Gov. Christie Mulls 401(k) For State Workers

by Wochit 0:48 mins

New Jersey's Republican Governor Christie plans to propose switching some public workers in the state to a 401(k) defined contribution pension plan, or a hybrid variation, from traditional pensions, according to the Wall Street Journal. This would be Christie's second attempt at such a move and officials from his administration will roll out a formal plan later this year, the paper reported citing a person familiar with discussions on the issue. The state's existing defined benefit pension plan invests workers' retirement funds and pays retirees benefits for life. New Jersey currently has an unfunded pension obligation of more than $50 billion.

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