Bill requiring quarterly pension payments passes unanimously
New Jersey lawmakers unanimously approved legislation requiring the state to make quarterly pension payments.
The Democrat-led Senate and Assembly passed the measure unanimously Monday
The idea has gotten new life in the state since Republican Gov. Chris Christie last year said a proposed constitutional amendment requiring quarterly payments amounted to a tax on the public to support unions.
That proposal stalled in the Legislature.
Since then, Senate President Steve Sweeney has said he has worked with the administration on the idea and that he's confident Christie would sign it.
Christie's office says the bill is under review.
The new legislation comes after a recent credit downgrade, which was the state's 10th Christie became governor.
Supporters say quarterly payments give the state a chance to invest and earn returns.