On Thursday, June 21, the New Jersey State Senate voted 37-1 to concur with the Governor’s conditional veto of our “pension carve out bill.” The New Jersey General Assembly, with a vote of 75-1, took the same action yesterday. This means that our bill is now back on the Governor’s office for his signature. This will take place in the coming weeks and the legislation we all worked so hard on, to protect our pension investments and retirement security, will be law!
Firefighters are closer than ever to transitioning investments and other key decisions regarding the success of the PFRS into the hands of a Board made up by a majority of the stakeholders who count on it for our retirement security.
Yesterday Governor Murphy conditionally vetoed the legislation on his desk to allow for additional technical amendments to be enacted. We believe this decision will further insure the security of our pensions dollars, and allow for a smooth transition to the new Board.
Yesterday, the result of over three years of research and dedication to ALL members of the Police and Firemen’s Retirement System, came to its final step towards reality when the N.J. General Assembly voted 67-2-7 and the N.J. Senate voted 34-2 to send A-3671 / S-5 to the Governor for his consideration of this historic legislation. This vote tally dwarfed the affirmation vote from last years approval, showing the additional support we have garnished for our cause since last year.
Yesterday, March 22, 2018, Assembly bill A-3671 was reported out of the Assembly Appropriations Committee with bi-partisan support. A-3671 is the Assembly version of S-5, our legislation to transfer management of the PFRS to the PFRS Board of Trustees. Shortly after it’s release yesterday, A-3671 was placed on the board list for consideration by the full General Assembly this Monday, March 26 at 1:00 p.m.