Democrats plan advanced 2016 pension payment of $300 million

New Jersey Democrats say they will pay $300 million to the state's public pension using June tax surplus.

New Jersey Democrats say they will pay $300 million to the state's public pension using June tax surplus. (6/22/15)

TRENTON - The Legislature's two top leaders say they plan to use stronger-than-expected June tax collections to make a $300 million payment to the state's public pension.

Senate President Steve Sweeney and Assembly Speaker Vincent Prieto said Monday in a statement they plan to apply payment to the fiscal year 2016 payment. The new year begins July 1.

They say the payment will be in addition to a last-minute $212 million payment Gov. Chris Christie recently identified based on strong revenues.

Christie and Democrats disagree over how much to pay into the pension. Christie has proposed a $1.3 billion payment. Democrats have said they plan to pay the $3.1 billion called for in a 2011 law.

They have said they plan to propose some tax hikes to make up the difference.

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