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Public Safety Officers Law Blog

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Tag Archives: PFRS

Christie Banking that Lottery will Save Pensions

Posted in Public Employment Pension Crisis
As reported by Philly.com, New Jersey Gov. Chris Christie is betting that the lottery is the ticket to shoring up one of the state’s most vexing money problems: ever-growing obligations to the pensions for public employees. The idea of linking the lottery to pensions has been around for years, but legislation backed by the Republican… Continue Reading

Sweeney Introduces Bill Seeking to Wrest Control of PFRS Away from State Treasury

Posted in Public Employment Pension Crisis
As reported by N.J.com, furious after watching pension investment fees triple over the last three years even as their funds lost value, police and firefighter union leaders are seeking to wrest control of their underfunded pensions from the state. As Gov. Chris Christie is set to deliver his final budget address, state Senate President Sweeney (D-Gloucester) on… Continue Reading

Christie Signs Bill Mandating Quarterly Pension Payments by State

Posted in Public Employment Pension Crisis
As reported by NJ.com, Gov. Chris Christie on Thursday signed a bill that will require the state to make quarterly payments to New Jersey’s ailing public worker pension system. The bill is a reworked version of a measure Christie twice vetoed. The new law will require governor to make pension payments on a quarterly basis by Sept. 30,… Continue Reading

Pension Bill Requiring Quarterly Payments Heads To Christie’s Desk

Posted in Public Employment Pension Crisis
As reported by NJ.com, lawmakers voted overwhelmingly to send Governor Chris Christie a bill that will require the State to make quarterly payments to New Jersey’s ailing public worker system.  The proposal, which cleared the Senate by a 35-0 vote and the Assembly 72-0, is a reworked version of similar legislation Christie twice vetoed.  It… Continue Reading

New Bloomberg Report Casts Dim Light on NJ’s Pension System

Posted in Public Employment Pension Crisis, Retiree Benefits
As reported by N.J.com, New Jersey’s distressed government worker pension system is now the worst funded in the U.S., according to a report by Bloomberg. The Garden State’s public pension fund has languished near the bottom, but has now dropped below Kentucky and Illinois for last place, according to the report. Their analysis compared the states’… Continue Reading

State Pension Guarantee Dead For November Ballot

Posted in Public Employment Pension Crisis
As reported by NJ.com, Senate President Stephen Sweeney rejected calling for a crucial vote Monday on a referendum asking voters to constitutionally guarantee state payments into the government worker pension fund, killing its chances of appearing on the November ballot and disappointing public labor unions.  The likelihood that Sweeney, once the prime champion of that… Continue Reading

Deadline For NJ Senate To Take Action On Public Worker Pension Amendment

Posted in Public Employment Pension Crisis
As reported by NJ.com, Senate leaders have spent weeks trying to build a supermajority to override Governor Chris Christie’s opposition to a Transportation Trust Fund tax package, a plan that also holds the fate of a voter referendum on public worker pensions.  And for the last week, they’ve said they’re within a vote or two… Continue Reading

N.J. To Slash Pension Investments In Hedge Funds That Were Criticized By Unions

Posted in Public Employment Pension Crisis
As reported by nj.com, the State Investment Council on Wednesday agreed to slash New Jersey’s investments of public-sector pension dollars in hedge funds by more than half, responding to labor union concerns that the alternative investments are not paying off. At the council’s last meeting in May, union representatives called for drastic reduction in the… Continue Reading

The Costs of Chapter 78, P.L., 2011 on New Jersey Retirees’ Healthcare Contributions

Posted in Public Employment Labor Law, Retiree Benefits, Uncategorized
Chapter 78, P.L., 2011 (hereinafter referred to as “Chapter 78”) went into effect on June 28, 2011, and has increased the average healthcare contributions required of public employees substantially. However, not all employees and retirees are equally effected. This article will briefly outline the effect Chapter 78 will have on newly and prospective retirees. Chapter… Continue Reading

NJ Lawmakers Clash Over Forcing Bigger Pension Payments

Posted in Public Employment Pension Crisis
As reported by NJ.com, State Senate President Stephen Sweeney and labor leaders defended Sweeney’s proposal to constitutionally enforce payments into the public pension system against arguments it’s a gift to special interests that will shackle New Jersey’s finances.  The scrap between Sweeney and labor leaders versus Senate Minority Leader Tom Kean, Jr. and business lobbyists… Continue Reading

Lawmakers Push Pension Ballot Question On Forcing NJ To Make Payments

Posted in Public Employment Pension Crisis
As reported by NJ.com, a referendum to amend the New Jersey Constitution to require the State to make contributions to public worker pensions cleared the State Assembly Judiciary Committee on Thursday during a discussion that drew sharp criticism from a Republican lawmaker. Assemblywoman Holly Schepisi (R-Bergen) faulted Democrats for pushing the legislation through without proper… Continue Reading

Sweeney Plan To Bypass Christie On NJ Public Worker Pensions Clears First Hurdle

Posted in Public Employment Pension Crisis
As reported by NJ.com, a key State Senate Committee approved legislation to ask voters to revise the New Jersey Constitution to require the State to ratchet up contributions to the public pension system.  The Senate Budget and Appropriations Committee cleared the resolution along party lines, with Republicans’ opposition rooted in protecting taxpayers from severe spending… Continue Reading

Legislation Introduced To Cement Promises To Fund Pension Systems

Posted in Public Employment Pension Crisis
As reported by NJ.com, State Senate President Stephen Sweeney introduced legislation that would cement state officials’ promises to fund government workers’ pensions in the New Jersey constitution.  Such a constitutional amendment requiring the State to make payments into the public retirement fund was expected to be the next step after the State Supreme Court this… Continue Reading

Law Suit Filed by Pension Board Trustees is Dismissed by the State Superior Court

Posted in Public Employment Labor Law, Public Employment Pension Crisis
As reported on NJ.Com, yesterday, Mary Jacobson, a State Superior Court Judge blocked an attempt by the Trustees of New Jersey’s largest pension funds to revise their suit seeking billions of dollars from the State to fund the pension system in light of a recent state Supreme Court decision.  The state’s highest court in June found the… Continue Reading

Christie Tells State Pension Fund Trustee’s That They Have No Authority to Request an Audit

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
As reported by Samantha Marcus of NJ.Com, The Trustees of one of New Jersey’s largest government employee pension funds say they have been told by Gov. Chris Christie’s administration that they have no authority to request an audit of their fund’s investments, valued at about $80 billion. Tom Bruno, chairman of the board of trustees… Continue Reading

New Jersey’s Credit Rating May Fall Yet Again Based on the Outcome of The COLA Pension Suit

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
In accordance with an article published on NJ.Com this past week, New Jersey’s low-end credit rating could fall again if the state Supreme Court rules that retired public workers are entitled to yearly increases (COLA) in their pensions, according to Moody’s Investors Service. A lawsuit challenging one of Governor Christie’s pension-reform laws is pending at… Continue Reading

CWA Director Welcomes Supreme Court Hearing On Pension And Benefit Payment

Posted in Public Employment Pension Crisis
As reported by Politickernj.com, after the New Jersey Supreme Court announced it would hear a case from Governor Chris Christie’s administration over the State’s decision to cut $1.6 billion from this year’s slated payment for the public pension and benefit, it drew a somewhat muted reaction from one union leader who has vocally opposed the… Continue Reading

Senator Sweeney is Correct–Christie Should Concentrate on Growing the State’s Economy as NJ’s Tax Revenue Recovery is One of The Poorest in The Nation

Posted in Contract Negotiations, Interest Arbitration, Public Employment Labor Law
On March 11, 2015, we posted a blog wherein Senator Sweeney stated that Governor Christie needed to change his tactics at the bargaining table regarding pension reform and if he instead concentrated on “growing” New Jersey’s economy, additional tax revenue would be created that would result in more money to fund the Public Employees’ Pension System. … Continue Reading

Memphis’s Pension Crisis is Now a Public Safety Crisis–Will New Jersey Repeat the River City’s Mistakes?

Posted in Public Employment Labor Law, Public Employment Pension Crisis, Retiree Benefits
Yesterday, I received an email from one of our readers, Ed Mecka, from Hoboken, New Jersey, who turned me on to an article regarding the pension crisis that is taking place in Memphis, Tennessee.  The crisis in Memphis has caught the national media’s attention, and an article was printed in the Wall Street Journal a… Continue Reading

Senator Sweeney Calls Christie’s Labor Negotiations Tactics into Question

Posted in Contract Negotiations, Interest Arbitration, Public Employment Labor Law, Retiree Benefits
As reported on the website, the New Jersey Politicker, Senator Sweeney recently questioned the labor negotiating tactics of New Jersey Governor Chris Christie.  Sweeney went on the record stating “When you hear [Governor Chris Christie] focusing on pension reforms and benefit costs, it got the attention of a lot of people nationally. But the reality is… Continue Reading

Police and Fire Benevolent Associations File Lawsuits To Mandate Funding

Posted in Public Employment Labor Law, Retiree Benefits
As reported by Politckernj.com, in the aftermath of Governor Chris Christie’s budget address, the leaders of the State’s Police and Fire Benevolent Associations announced their decision to file separate lawsuits aimed at making the Governor comply with the full funding of the public pensions.  Below, reprinted in its entirety, is a statement of explanation the… Continue Reading
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