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Gov. Christie Forms State Pension Study Commission

PARSIPPANY, N.J. (CBSNewYork) -- Business and community leaders will make up a new pension study commission that New Jersey Gov. Chris Christie is forming.

Gov. Christie Forms State Pension Study Commission

"The study commission's charge is to think long-term," Gov. Christie said.

as WCBS 880's Levon Putney reported, Gov. Christie said no idea to fix the growing problem will be ignored, Putney reported.

"Over the last four years, 57 percent of all increased revenues at the state level have [sic] gone to pensions, health benefits and debt service," Gov. Christie said.

Starting in the fiscal year 2018, the state will be required to pay the federal government hundreds of millions of dollars in penalties for high-cost insurance plans, Christie said. He also said without changes soon, the pension system will overwhelm the state budget.

Christie said it would kill the economy to raise the billions of dollars needed through higher taxes.

"There is no level of available taxation that will answer this problem," he said.

On Thursday, Christie said his proposals for fixing New Jersey's underfunded pension system will come by the end of summer, but the governor said the problem can no longer be ignored.

As WCBS 880 reported, the new commission's findings are expected just after Labor Day.

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