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A cap on police and fire salary increases in interest arbitration cases will expire at the end of the year unless it is renewed by the Legislature and governor. The New Jersey State League of Municipalities, which represents all 565 of the state’s municipalities, argues that if the cap isn’t renewed, it will put further upward pressure on the state’s highest-in-the-nation property taxes and force reductions in municipal services. The state Policemen’s Benovolent Association argues that the cap isn’t necessary and that contract settlements should be negotiated between towns and local unions, not bound by an arbitrary cap. State PBA president Pat Colligan and League executive director Michael Darcy offered their differing perspectives on the cap in a Q&A

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EDISON – New Jersey State Policemen's Benevolent Association President Patrick Colligan today released the following statement on Governor Christie’s proposal in his Budget Address to dedicate lottery funds to help fund the state’s pension obligation:

“Governor Christie’s proposal today is a good first step for our members.  We recognize that the Budget Address is a launching point for negotiation between the Governor and the Legislature, but we believe the dedication of lottery funds to help meet the State’s pension funding obligation is a start.  We look forward to the state fulfilling its long-standing obligation to fund the PFRS and providing our 33,000 members the pensions they have earned.”

This is a must read! Phil Murphy is certainly beyond qualified to comment on this issue and offer some expert advice to our NJ Division of Pension Investment Managers. 

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President Colligan discusses the  pension ruling and the future plans of the State PBA regarding PFRS on NJTV'S "On the Record"

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In an article written by Chase Brush today, President Patrick Colligan was quoted as follows:

"It would seem that Governor Christie has deemed it appropriate to travel the country in pursuit of his own career aspirations and political goals rather than stay in New Jersey and work through the significant problems that face our state. Unfortunately, for the more than 33,000 members of the New Jersey State Police Benevolent Association who make up the majority of the membership within the Police and Firemen’s Retirement System (PFRS) pension system, these self-serving Town Hall meetings at home and out of state aren’t getting us any closer to a resolution to the issue at hand. It is well past time for Governor Christie to stop misleading the public on the issue of pension reform and begin working towards reasonable solutions. If the Governor actually went to New Hampshire to ‘tell it like it is’ on the pension problems facing our state, that would be a first.”

President Colligan continues,

“While it may be politically expedient in advance of a potential national Republican primary to let the public believe that the PFRS is anything other than stable while continuing to refuse to make the state’s required payments, it is nothing short of irresponsible. The New Jersey pension system is not one monolithic fund that is losing money daily.  In fact, the State manages five pension plans for State and local employees and, of those five, the PFRS is financed mainly by local governments, law enforcement officers and firefighters who have been making their required pension payments.  The current funded level of the local portion of PFRS is near 80% and any reasonable review will show that PFRS is not only financially stable, but poised to grow if actuarially required payments are made by the State moving forward.  The State’s own actuary and an independent actuary hired by the PBA both confirmed this fact.”

View the full article here

 

 

 

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