PFRS Pension Bill Advances!
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.
In the coming weeks, as he committed to us at our state meeting yesterday, Senate President Sweeney will bring the changes back before the Senate. Assembly Speaker Coughlin has committed to doing the same. We expect this to take place in early June, and we anticipate Governor Murphy signing the bill shortly thereafter.
This legislation is a result several years of in depth research and hard work. This new Board will be the most independent fire and police pension system in the country. I personally extend my thanks to each and every one of you that has worked and advocated for this monumental legislation throughout the process.
Despite opposition, we have been successful in giving our members the majority of the decision-making power on the newly created PFRS Board. We have prevented our funds from being co-mingled with other less stable pension funds. The Board will have total investment powers, and we will finally keep politics out of the decision making and managing of our pensions.
Once again, I thank you for your support and look forward to the day when we are celebrating the signing of this important bill into law.