TRENTON, N.J. May 20 New Jersey Governor Chris
Christie said on Tuesday he will slash the state's contributions
to its public pensions by nearly 60 percent, or $2.3 billion,
for this and next fiscal year combined in order to close a
large, unexpected revenue shortfall.
The move could lead to lawsuits from public sector unions
and is likely to meet resistance from the Democratic-led
legislature, which has already said it is opposed to additional
pension changes after cooperating with Christie on bi-partisan
reforms in 2011.
The state's retirement system for public employees had
nearly $59 billion of unfunded liabilities as of fiscal 2012,
Moody's Investors Service said on Tuesday.
(Reporting By Hilary Russ; Editing by Chizu Nomiyama)