State lawmakers who don’t like the idea of turning over the New Jersey Turnpike to private investors have come up with an unusual alternative.
They propose that the state pension fund – with $70 billion in assets – take over the turnpike.
The fund would pay the state billions of dollars up front, then recoup the money in tolls.
The state would use the up-front money to retire some of its massive debt, while retaining much of its control of the turnpike.
A spokeswoman for a union representing state workers told local media they’ll have to take an in-depth look at the proposal before making any decisions.