|Dear Brothers and Sisters,
On Thursday evening, New Jersey State Senator Steve Sweeney posted Bill S-5, otherwise known as the "unions" pension takeover bill, for a committee hearing. Identical to the bill that was opposed by the PFANJ/IAFF and vetoed by Governor Christie in 2017, this bill would transfer management from the Police and Fire Retirement System (PFRS) from the state to the four major police and fire unions. Testimony on the bill will be heard in Trenton on Thursday, February 1, 2018.
In its current form, the PFANJ remains opposed to the bill and the "unions" taking over the PFRS. Along with the PFANJ's pension attorney, we will continue to address our concerns with Senator Sweeney in an effort to make changes to the bill to protect the members and their hard-earned benefits from the PFRS. As of now, there is no companion bill posted from the Assembly.
We will update you all as new information is obtained.
Fraternally and United,