TRENTON -- As a Democrat-backed plan that would require quarterly payments into the state pension system moved closer to the fall ballot, an opponent of the constitutional amendment cautioned on Monday that there is time to consider alternatives to avoid "economic armageddon."

Thomas Bracken, president of the New Jersey Chamber of Commerce, told the Assembly Judiciary Committee at a required pubic hearing on the proposed referendum (ACR109) that lawmakers shouldn't lock the state into a funding plan that it may might not be able to afford.

"We have a rush to judgment here on something that is extremely important," Bracken cautioned.

The state Assembly and Senate approved the ballot question last year, but they must do so again this year to get it before voters in the fall.

Opponents of the amendment, primarily Republican lawmakers and business lobbyists, contend that large tax increases or cuts in state programs will be inevitable if the demands placed on the budget by the proposed amendment exceed the state's revenue growth.

Bracken said the Legislature should seriously consider Gov. Chris Christie's proposed overhaul of pension and health benefits that would change the nature of retirement benefits and make workers pay more for health care.

Assemblyman Declan O'Scanlon (R-Monmouth) has introduced a bill that would enact the reforms the governor recommended a year and a half ago. The measure also includes a constitutional amendment, but one that allows the state to curtail pension payments during economic downturns.

With regular revenue shortfalls and recent month-over-month job losses, Bracken said the constitutional amendment proposed by Democrats is a bad bet for New Jersey taxpayers, whose interests must be balanced against those of public workers.

"I've heard many people say we have a legal and moral obligation to do this for the pensioners. That is correct," Bracken said. "But we also and you all as legislators have a legal and moral obligation to do what's right for the all the citizens of the state of New Jersey. So I think you have to get your priorities straight."

If the Democratic amendment is approved by voters, the state will be constitutionally required to begin making contributions into the pension fund in the fiscal year that begins July 1. The payments will increase annually until reaching the full pension contribution recommended by actuaries in 2021, which is more than $5 billion.

When the state contributes less than actuaries recommend, the unfunded liability, or how much money it needs to pay for future benefits, grows.

Two of the largest pension funds are in danger of running out of money in 2024 and 2027.

Seth Hahn, legislative and political director for the Communications Workers of America, said if the state can afford to give billions of dollars in tax cuts and tax breaks to corporations and reduce taxes on income over $400,000 a year, then "it can afford to keep its promise to public workers."

The same is true of expected legislation eliminating taxes on estates in New Jersey as part of a bipartisan plan to raise money for transportation projects, he said.

"I guarantee you the people who will tell you this is unaffordable today will next week be just down the hall saying we can afford to give $500 million more in tax cuts to the wealthiest 4 percent among us," Hahn said. "So if we can afford yet another round of tax cuts to the wealthiest among us, then we can afford to pay every last dime of benefits that have been promised to workers."

O'Scanlon criticized committee Chairman John McKeon (D-Essex) for abbreviating testimony from the public and not allowing panel members to speak.

"This was a shameless attempt to stifle any criticism of their plan, which could go down in history as the single-most ill-advised and destructive action in the history of the state Legislature," he said in a statement after the meeting.

But McKeon said that the issue has had many public airings as it has made its way through the Legislature.

Samantha Marcus may be reached at smarcus@njadvancemedia.com. Follow her on Twitter @samanthamarcus. Find NJ.com Politics on Facebook.