Democrats plan advanced 2016 pension payment of $300 million

TRENTON (AP) — 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 nearly 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.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)