R
VOTE FO L
E
2015 PFRS Trustee Election
MICHA K
KANIU
Your vote can avert further crisis in PFRS
Last month, I was reading an article titled “A
Looming Crisis: Supreme Court Strikes Down
Statute Reducing Benefits.” While I was looking at
the headline, I was thinking that this could be the
New Jersey decision we have been all waiting for.
But, sadly, I was disappointed.
As I read the headline again, I realized the article
pertained to state of Illinois. The Illinois State
PETER
Supreme Court had struck down recently-enacted
ANDREYEV state public pension reform legislation on the
grounds that the legislation had violated the pension protection act. The issue at heart again is funding. Illinois has
five state-funded retirement systems which have been chronically
underfunded since their inception. They have received numerous
credit downgrades. So what they did in Illinois was to increase the
retirement age and reduce benefits.
Sound familiar?
PENSION AND
here in New JerBENEFITS REPORT seyThe small differenceof us in the PFRS
is that the majority
are being funded by local municipalities and county employers.
These local governments, along with our members, have been making their contributions, and thus the local side of the PFRS is funded
Edmond P. Brady, CPA – Partner
[email protected]
Responsible for more than 300 PBA’s in
New Jersey and New York
Licensed in NJ, NY and Mass.
Livingston, NJ • Yonkers, NY
Phone (973) 535-2880 • www.mbccpa.com
18
NEW JERSEY COPS
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JUNE 2015
at 76.9 percent, which in certain actuarial circles is deemed a
healthy pension system. The PFRS is not a broken system and certainly is not a pension fund that will run out of money anytime
soon.
This is an important time for our pension system. The ballots for
the PFRS Trustee election have been sent out to your certifying officers within your towns. Make sure you check with your State Delegate or Local President to get the ballots and cast your vote. The
voting period ends on July 24, but I can’t stress how important this
position on the Board of Trustees is and to cast your vote as soon as
possible.
Those people that sit on that PFRS Board are in charge of our
pensions and they make decisions that affect our members directly.
Many of our members are fed up with politics, and I understand
that some don’t vote in local council, school board or any other form
of election. But this is your job. This is your pension. No one else can
vote for this position other than active members that are enrolled in
the Police and Fire Retirement System. Cast your vote for the New
Jersey State PBA Delegate who is our choice for this very important
and influential position, Mike Kaniuk. d