News

Location: Bill Pascrell, Jr. Fire Headquarters, 300 McBride Ave. in Paterson NJ

Date: June 21

Time: 11am

The Office of Congressman Bill Pascrell, Jr. invites you to the 20^th Anniversary celebration of the Assistance to Firefighters Grant Program. Congressman Bill Pascrell authored and introduced the "Firefighter Investment and Response Enhancement (FIRE) Act," the first comprehensive legislation dedicated to meet the special needs of America's 32,000 volunteer, paid and part-paid fire departments. Since 2001, the Assistance to Firefighters Grant Program has provided firefighters and first responders with the equipment and resources they need to protect our community. Please save the date and join us on this momentous occasion!

I realize the return of cost-of-living adjustments to our retirement allowance is of great importance to all members of the PFRSNJ system.  For those that have been retired for many years, the impact is even greater.  

Before one looks at how to fix it, let’s make sure we have the facts.  First, the new pension board was not the one to suspend COLA, that was done under the Christie administration.  

In fact, the NJ FMBA fought vehemently against Chapter 78 and the suspension of COLA.  To sum up the lawsuit, the Supreme Court ruled - we have a non-forfeitable right to a pension but do not have that same non-forfeitable right to fund the pension.  Crazy, right?!  We can discuss that in another article!  This was one of the main reasons the NJ FMBA, with the NJSPBA, fought to pass monumental pension legislation to take back the control and governance of our pension and give us the ability to address COLA restoration.

Spring has sprung, and after what may have been the worst year any of us has ever seen, there are many reasons that the remainder of 2021 and beyond will be better times. COVID related illnesses are decreasing, businesses are reopening, and warmer weather is finally here.

The NJ FMBA Legislative Committee is pleased to announce that the Governor has signed 20 and Out bill for New Jersey Firefighters and Police Officers. This retirement option for PFRS members is long overdue, and has been a legislative priority. The Coronavirus pandemic has added an enormous layer of danger to a profession that routinely encounters physical trauma, air and blood borne pathogens, myriad carcinogens, and many potential bacterial and viral sicknesses. 

The Investment Committee met in late March to review Division of Investment (DOI) performance and assess three potential investments which were being presented to the State Investment Council. At the April Board Meeting, the Board passed two resolutions; One resolution directed the DOI to formalize the asset transfer into dedicated PFRS Accounts, and the other resolution authorizes the DOI to invest system assets in accordance with the prior approved asset allocation plan. These are both very significant resolutions as the Board is preparing to formalize the asset transfer process, which has been in the works for many months.