Pension Planning


Peter Andreyev
NJSPBA
158 Main Street
Woodbridge, NJ 07095-2108

Tel: (732) 636-8860
Fax: (732) 636-0172
pandreyev@njspba.com

Pension Events

 

Peter Andreyev has been a member of the Point Pleasant Beach Police Department since being hired as a Special Officer in 1992. He was hired full time as a Police Officer in February of 1994. Though most of his career was spent in Patrol, Pete also had assignments as a Bicycle Patrol Officer and as an Investigator. Pete also served as a Police Academy and Department Instructor in the Use of Force (Defensive Tactics) and EVOC. Pete was elected President of Point Pleasant Beach PBA Local 106 in June of 1996 and then took over an unexpired term as Delegate in November of 1997 and has served ever since. In 2003 Pete was elected to the State PBA Executive Board and is currently serving as 2nd Vice President.

In 2003 Pete was elected as Chairman of the Ocean County PBA conference and was appointed to various committees on the state level. Currently Pete serves on the Scholarship Committee, as well as the new delegates committee and convention committee. Pete was appointed to become the Chairman of the Convention Committee in 2013.

Pete was named the NJSPBA Pension Coordinator and started in that capacity on October 1, 2014. He will conduct Police and Firemens' Retirement System pension seminars throughout the state and will meet with individual members seeking information on disability retirements. He is available to answer any questions regarding the PFRS system by phone, email or in person.

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Pension News


Polkowitz for Trustee

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New Era of PFRS Management begins as Murphy Signs S5 into Law

Governor Murphy this morning has signed Senate Bill 5 into law marking an historic change in the management of the PFRS and the beginning of a new focus on prioritizing the full funding of the pension system for our retired members and every current and future member of the law enforcement community in New Jersey.  The law dramatically restructures the PFRS Board of Trustees and grants them broad powers over the policy making and investment strategy for PFRS.  Under the new law, PFRS will be managed on a day to day basis by an Executive Director and money managers who will report to the Board of Trustees.  The law removes the control of the pension system from the State and provides the PFRS Board with the exclusive power to select the investments for PFRS assets and make decisions about how PFRS pension policies will be governed.  Amongst the PFRS Board’s new powers are the ability to adjust COLA, modify the procedure for approving disability pensions and make changes to benefits limited by Chapter 78.  All benefit changes require actuarial certifications and a “super majority vote” of the Board.
 
The new PFRS Board of Trustees will take office on the first day of the seventh month from today and will begin the process of selecting a staff including an Executive Director, Chief Investment Officer, attorney’s, auditors and other staff.  The new Board and their staff will take complete control of the PFRS on or about July 4, 2019. 
 
 
Statement of State PBA President Pat Colligan on the signing of S5

“Today marks an historic day for the Police and Firemen’s Retirement System (PFRS).  The signing of Senate Bill 5 into law will have a profound impact on the future of our retirement system and it places in the hands of PFRS members and their employers the tools to do what the State has failed to do for too long: focus on fully funding the system.   I am grateful to Governor Murphy for his support in our efforts to restore the health and independence of the PFRS.
When the State PBA began researching this concept and the best practices of healthy pension systems around the nation more than 4 years ago, we were convinced that making PFRS independent from the State was our only option. 
Nearly 20 years ago PFRS was overfunded and amongst the healthiest pension systems in the United States. But after years of fiscal gimmicks and State ineptitude our pension fund has sunk to levels that we could no longer ignore. This law provides the PFRS Board of Trustees with exclusive powers over the investment, policy making and management of the pension system. Today's changes establish a pathway for the future funding of our pensions. No longer will PFRS members be forced to suffer from the poor decision making and political expediency that marked the State’s stewardship of our pensions over the years. This law ensures competent professionals and a focused Board of Trustees will protect the fund from abuse and control investment decisions designed only to grow the value of the PFRS.  

I want to especially thank Senate President Sweeney for sponsoring this law and for his passionate leadership in advocating for this concept to protect our pensions. A new era in pension management begins today in New Jersey. The growth of PFRS protects the promise of a pension and security for their families made to our members when they became law enforcement officers.
The intent of this law is clear: PFRS members and their employers want to fully fund the PFRS and we now finally have the vehicle to make that a reality.”

Senate & Assembly Overwhelmingly Pass PFRS Independence bill

The Senate and Assembly today have passed historic legislation to provide independence, policy making and investment powers to the PFRS Board of Trustees. The bill was a major priority for the State PBA and it's passage culminates several years of research and outreach to once and for all protect the PFRS from abuse and political interference. The bill provides the PFRS Board of Trustees with powers to invest PFRS funds, make policy decisions over pension benefits and provides powers for the board to ensure employer contributions.

The State PBA leadership specifically wishes to thank Senate President Sweeney for his passion and leadership in ensuring passage of this proposal and we are grateful for the efforts of Assembly Speaker Coughlin to further strengthen the protections offered by this bill to PFRS members. The quick movement this session of the bill is in recognition of their support but it signifies the hard work and focus State PBA members placed in urging their representatives to support this bill.

Today's vote came during PBA Day in Trenton. More than 500 PBA members rallied inside the State House to show their support for the bill and for the State PBA's leadership in the State House.

The bill now goes to Governor Murphy for his approval.

Will ending cop salary cap raise your taxes?

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

Click Here to Read Complete Interview

Important NJSPBA Member Message from Executive Vice President Marc Kovar

It was a hectic day for over 300 NJSPBA members who crowded the NJ Assembly hallways in support of legislation that allows the Police and Firemen’s Retirement System to be managed by a board comprised of law enforcement, firefighters and government officials.  I want to publicly thank all our members who made it to Trenton to gather support for this effort on less than 24-hour notice.  Our membership always comes through when it matters—Thank you.

After years of underperforming investment gains and increasing hedge fund consultant fees, if the governor approves this legislation, this legislation will provide an opportunity for us, along with our brothers and sisters from the FMBA and the FOP, to protect our retirement funds.

I want to also thank the majority of Assembly members and State Senators who supported us in this effort.  I encourage all of you to know your legislators and find out if they supported the NJSPBA today.  Please contact me if you want information on the actual vote.

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