News Flash Home
The original item was published from 9/13/2019 3:03:42 PM to 9/14/2020 12:00:02 AM.

News Flash

Home

Posted on: September 13, 2019

[ARCHIVED] Recap of September PFRS Board Meeting

At the September 9 Police and Fire Retirement System (PFRS) board meeting, as a matter of routine business, the Board considered the creditable compensation of three Atlantic City police officers. The three officers, with various ranks, honorably retired from the City after 25 plus years of service. Since they were all Tier 1 employees their retirement is based on their last 12 months of salary. However, all three officers’ salary was reduced as part of the State supervision of Atlantic City.  The officer’s claim that they were at a disadvantage to their counterparts and should have their retirement based on the highest year of salary, which was the intent of the law, instead of their last 12 month salary. By a 10-2 vote, the board permitted the Division of Pensions and Benefits to use the 12 months prior to the state supervision, which was their highest salary year, to calculate the creditable compensation. The officers will be required to make the employee contributions on the salary from the date of state supervision to the time of retirement. 

The Board also approved a Memorandum of Understanding with Division of Investments for ethic compliance for PFRS staff. Since the PFRS staff will be working in the same area as the Division of Investments PFRS staff will need pre-approval to trade securities. The Board also accepted the proposed rules for P.L. 2019, c. 157, which permits certain members or retirees of PFRS, SPRS, or PERS to receive accidental disability retirement allowance for disability resulting from participation in 9/11 World Trade Center rescue, recovery, or cleanup operations.

Trustee Megariotis advised the Board of the newly released employer contributions rate of 29.8% for 2020. Trustee Polkowitz suggested that the retirement application be updated to require the applicant to certify that they are currently not under criminal or departmental investigation.

The next meeting is scheduled for October 7, 2019. 

Contact: Lori Buckelew, Senior Legislative Analyst, lbuckelew@njlm.org, 609-695-3481 x112.


Facebook Twitter Email

Other News in Home

FY2023 Federal Omnibus Budget Passed

Posted on: January 9, 2023

SHBP Update: No Relief In New Year

Posted on: December 30, 2022

Federal Budget Update

Posted on: December 23, 2022

LEAP Grants Now Available

Posted on: December 23, 2022

Federal Budget Update

Posted on: December 19, 2022

State Health Benefits Update

Posted on: December 5, 2022

Revised Model Procurement Forms

Posted on: December 5, 2022

SHBP Rate Increase Adopted

Posted on: September 27, 2022

Blog Post: Available Federal Grants

Posted on: September 27, 2022

President Signs CHIPS and Science Act

Posted on: August 12, 2022

Ground Broken on Portal North Bridge

Posted on: August 8, 2022

Energy Tax Receipt Funding Update

Posted on: June 29, 2022

FY2023 Budget Update

Posted on: June 29, 2022

Second Tranche of ARP SLRF Expected

Posted on: June 13, 2022

988 Suicide & Crisi Lifeline

Posted on: May 27, 2022

ARP & BIL Presentation

Posted on: May 13, 2022

FY 2023 Budget Hearings Continue

Posted on: April 22, 2022

Scam Targeting ARPA SLFRF NEUs

Posted on: April 13, 2022

Cybersecurity Update

Posted on: March 22, 2022

Week of March 8: COVID Update

Posted on: March 15, 2021

Legislative Preview: Week of March 8

Posted on: March 9, 2021

FY 2021 State Budget-Municipal Interest

Posted on: February 24, 2021