PFRS fiscal
responsibility
recognized
I want to again thank Pat Colligan, Marc Kovar and Rob Nixon for their
courage and efforts in securing the new PFRS pension system for all of our
members. What many retired members might not realize is that the Sen-
ate Bill 5 process was in the works for several years, with many agonizing
hours spent researching other pension systems throughout the country,
then formalizing and successfully passing the bill through the NJ Legisla-
ture. All of this was achieved while seamlessly running the day-to-day op-
TOD COLETTA eration of one of the largest PBA unions in the country. We owe a great deal
ALTERNATE of gratitude to them and to the State PBA executive board team involved in
STATE
this historic venture to secure our futures.
Now, we are on the clock, and a little help is needed from the mem-
DELEGATE
bership. We are seeking a retired member, preferably with an economics
background, to serve on the new PFRS board of trustees. This member must be seated by
Feb. 1, 2019. Any retired member interested in this position must send a resume to the
State PBA office c/o Rob Nixon. If you have any questions about this responsibility, please
do not hesitate to email Local 600 State Delegate Jim Toma or me for clarification.
Here comes the reward for the fiscal responsibility, hard work and choices that the PBA
and PFRS members have made over the past two turbulent decades of underfunding:
On Sept. 28, a pension forum was held at Monmouth University. A retired PBA member
in attendance asked Senate President Sweeney when COLA was coming back.
Senator Sweeney responded to the retiree that PFRS will probably see some sort of a
COLA return within a few years, with continued proper fiduciary management of this
independent pension system. Senator Sweeney reminded the audience that the PFRS
members did not game the pension system over the years and managed along with their
members much more effectively than the other unions.
Former NJ Budget Director and Controller Richard F. Keevey, also in attendance, ad-
vised the audience that the pension future was bleak. He noted that PFRS is the only sys-
tem that may see a COLA return in the future; all other unions are in denial if they think
they are getting COLA back any time soon.
The fiscal responsibility by our State PBA and PFRS members was recognized by Gover-
nor Murphy, Senator Sweeney and legislators with the passing of Senate Bill 5, which will
continue to improve PFRS with our elected board of trustees soon taking over managerial
control.
I want all of our members to recognize Senator Sweeney’s praise for PBA and PFRS
members, as several town hall “Pension Forum” meetings will be conducted throughout
the state in the coming weeks, with Senator Sweeney calling for a “taxpayer army” to as-
sist him with his pension reform agenda. Please do not take this as an attack — the pen-
sion reform mentioned is required because the other state pension systems are in critical
condition and destined to fail within the next few years.
So if you attend a town hall meeting in your area, be sure to thank Senator Sweeney for
his compliments and the confidence he showed in PFRS by sponsoring Senate Bill 5. In
my day, we would give the guy a hat as gratitude. Pat, Marc and Rob said they already have
plenty of hats, so instead be sure to thank them personally for their efforts and for a job
well done in securing our pension system’s future. d
20
NEW JERSEY COPS
■ OCTOBER 2018