Many thanks to NJBIA for working so hard on this issue!
As reported in New Jersey Business e-zine:
On November 2, New Jersey voters overwhelmingly approved a constitutional amendment to prevent state government from raiding employee and employer payroll-tax contributions to the Unemployment Insurance (UI) fund, the disability fund and the second injury fund to pay for other state programs. The amendment passed 80 percent to 20 percent.
The New Jersey Business & Industry Association strongly supported this bipartisan ballot initiative and has long opposed diverting Unemployment Insurance tax payments to help balance the state budget. The UI fund was created to build up cash reserves in good economic times so employers would not have to pay higher payroll taxes in a recession when they can least afford it.
The amendment was sponsored by Senate President Stephen Sweeney, Senate Republican Leader Tom Kean, Assembly Republican Leader Alex DeCroce, and Assemblyman John Burzichelli. It was supported by Governor Chris Christie.