A progress report
from Bruce Polkowitz
During the past month, the creation of our new PFRS has taken shape. The
swearing in on Feb. 1 of the 12 members began an era that we have looked for-
ward to for the past several years. The hard work, the battles for the trustee po-
sitions on the PFRS Board, the campaigning and the appointments are done.
It’s now time to pull together, look to the future and support the members on
their path to securing our pensions.
We as retirees have elected Bruce Polkowitz to represent our interests on
the committee. Bruce came through a tough campaign. He needed to earn
JIM
our trust and confidence, and the quality of the other candidates brought out
TOMA
the best in him. In my opinion, that pushed him to be a better candidate by
STATE
getting up to speed on all pension-related matters. I believe it also allowed
DELEGATE him to meet the men and women who are retired members, speak to them,
listen to their needs and desires for financial security and, in some cases, the
fear they have about their shrinking ability to pay bills and keep up with the cost of living.
I listened to so many members tell Bruce how just staying ahead of rising costs is forcing
them to leave their homes and the state where their children and grandchildren live. Many
older retirees are struggling day to day, and to them, COLA is a matter of survival. Bruce’s
compassion in listening to these retirees convinced me that we picked or chose the right man
for the job.
I thought that after one month on the new PFRS board, it would be a good time to speak
with Bruce and get a little insight into the workings of the new system and hear how he feels
about tackling this all-important mission. I asked Bruce to give me an overview of his initial
thoughts and a progress report on the new board.
Here are his thoughts:
The first thing I would like to do is thank everyone for their support, trust and confidence.
Whether you voted for me or not, I promise to represent all members with my utmost effort and
commitment. I understand the needs of our retired members, and will continue to speak with,
listen to and correspond with all to keep a clear picture of our goals.
Since Feb. 1, the main objective of the board has been organizational. We established the
required Audit, Actuary and Investment committees, plus we added a Retirement Process Com-
mittee which will review, evaluate and recommend processes for review, approval and ap-
peal of applications for all retirements, including special and disabilities. A Personnel/Search
Committee will be working with outside search firms on the recruitment of employees for key
positions. We have a labor counsel, and we will create policies and regulations for the board
which will cover employees and contractors of the board. The positions that needed to be filled
are Board Secretary, Chief Investment Officer and Executive Director. I have been appointed
as Chairman of this committee along with fellow PBA member Ray Heck. We have created a
Regulation and Legislative Committee which will work with legal counsel to discuss and draft
legislation and address required regulations for the board.
I am very pleased with the efforts of all the trustees. We have some very talented people ap-
pointed by the governor along with the appointed and elected police and fire trustees. We have
one common goal — to work together to create the structure and establish the foundation to do
the work necessary for the future funding and stability of our pension system.
COLA, of course, is on everyone’s mind and I can assure all that I understand the need to
reinstate COLA in a fair and equitable manner, always keeping in mind the most vulnerable of
our members. We need to enact smart legislation that can pass judicial muster to significantly
address how disability pensions are given out. Let me be clear: law enforcement officers and
firefighters have some of the toughest jobs, but we’d be kidding ourselves if we didn’t address
the people who are gaming the system to get a disability pension. We need to ensure that those
who deserve it will never have to worry, and that those who are trying to beat the system should
watch out. In my opinion, when we fix the leaks of money flowing out to those who aren’t de-
serving, then we can properly address COLA. When COLA is implemented, we need to have a
financially sound system. This will ensure COLA is sustainable for years to come without dam-
aging our system.
I hope to periodically give updates on our progress by using various platforms, including
speaking with your delegate Jim Toma and through the NJ COPS Magazine Local 600 page.
Thank you all again, and thanks, Jim, for allowing me the opportunity to address the members.
22
NEW JERSEY COPS
■ MARCH 2019