PENSION AND BENEFITS REPORT
New solutions for an age-old problem
Recently I was shown an old copy of the State
PBA Magazine from 2005. In the issue, there were
articles addressing many of the same issues we discuss in our current magazine, but what struck me
were the articles that dealt with pension issues and
the attempts of our previous PBA president to work
with the legislature on solutions to fix the pension
crisis a decade ago.
PETER
Can you believe the State PBA was attempting to
ANDREYEV work with the governor and various legislative leaders to resolve the various issues facing them more
than 10 years ago?
Can you believe many of the suggestions provided by the NJSPBA
were ignored by the then-governor and legislature?
As I read through the articles, I realized history is repeating itself
and the issues are still the same: the lack of funding from the State;
the investment returns on the PFRS funding; the radical ideas for
changing the system; and the elected politicians’ inability to understand the difference between the PFRS and the other pension systems.
Through all those articles, there was one constant: The New
Jersey State PBA’s position to maintain the long-term health of the
system to ensure that our members receive what is owed to them as
vested members of the Police and Fire Retirement System (PFRS). I
don’t believe this position will ever change. Whether it was Mike
Madonna, Tony Wieners or current State President Pat Colligan, we
as a union will fight hard to preserve our pension.
14
NEW JERSEY COPS
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MAY 2015
As many of you are aware, there will be an election for a position
on the PFRS Board of Trustees. This election is as important as ever
because of the recent pension issues, such as the suspension of the
cost of living adjustments (COLA), Chapter 78 or the latest attempt
by Governor Christie’s pension committee to provide us with a
hybrid pension plan. There is no doubt other issues may arise in the
future as well.
The New Jersey State PBA has announced Michael Kaniuk from
Middlesex County Corrections Local 152 as our candidate for the
open position on the PFRS Board of Trustees, and it is crucial that
our members get out and vote. We need to have someone who
knows the issues and has an understanding of the way the pension
system works. Along with Keith Bennett from Atlantic City Local 24
on the current board, we need Mike Kaniuk’s leadership to ensure
our members receive the pension benefits they deserve.
One thing is clear: we will always have a need to use our pension
system in one way shape or form, whether it is for a pension loan,
PFRS mortgage or retirement benefits. We need our membership to
maintain a presence on the board that will ensure the integrity of
the PFRS for many years.
The Division of Pensions will mail out the ballots on or about May
26. I encourage you to take the time to vote for Mike Kaniuk for Pension Board Trustee. We as a Union need to show our support for
Mike, and elect him to the Pension Board o