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The 2017 Pension Political Power 25: Steve Sweeney

No. 12. Steve Sweeney

By Peter Vasiliev

February 14, 2017

< 25 Top Pension Power Players

12. Steve Sweeney

President,
New Jersey State Senate

Last November, New Jersey achieved a dubious honor when it surpassed Illinois and Kentucky to claim the most underfunded pension system in the U.S. The Garden State has $135.7 billion less than it needs to cover its pension promises, and fixing the funding gap has been an ongoing political challenge. As the powerful president of the State Senate, Steve Sweeney, 57, is on the front line of the state’s bloody pension battles. He was the driving force behind a law passed in December that requires New Jersey to make quarterly rather than annual payments to its pension system. Governor Chris Christie vetoed two previous iterations of the bill — calling it an improper and unwarranted intrusion in 2014 — but conceded after a revision shifted borrowing costs associated with those payments to the pension fund. Pension politics will loom large in New Jersey’s upcoming state elections, slated for November. Though Sweeney has opted not to run for governor, he will be an important power behind whoever inherits the throne from an embattled, term-limited Christie. — Jess Delaney

The 2017 Pension Political Power 25