Pension Carve Out Passes Assembly
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!
We have worked tirelessly and our hard work has paid off!
This landmark legislation accomplishes all that we set out for it to do. Our newly created board will have full control of the management and investments of the PFRS. Our much deserved pensions will no longer be used as a pawn in a politically charged arena.
The stakeholders, all of us that contribute to our pensions throughout our careers, will have a true seat at the table and a strong voice in protecting the solvency of the PFRS.
Once Governor Murphy signs our bill we will have 366 days to implement the new board and make the transition. The FMBA membership will be kept apprised of this transition every step of the way.
I could not be more proud of the NJ FMBA, what our union accomplished is truly remarkable. This historic legislation is the most important in any of our careers protecting the pensions of our members, and together we made it happen!
I thank you all for your support over the past three years. We did it!
Eddie
Eddie Donnelly, President NJ FMBA