News Flash

Posted on: March 13, 2020

Action Needed: Senate Advancing PFRS 20 & Out Legislation

Please contact your Senator and urge them to oppose S-1017.

On Monday, the Senate Budget Committee is scheduled to consider S-1017 which permits a PFRS employee who is enrolled before or after the bill’s effective date to retire, regardless of ag...

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Pension & Benefits
Posted on: March 10, 2020

Senate Committee Unanimously Releases PFRS 20 and Out Legislation

On Thursday, the Senate State Government Committee unanimously released S-1017, which permits a PFRS employee who is enrolled before or after the bill’s effective date to retire, regardless of age, upon attaining 20 or more years of service cred...

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Pension & Benefits
Posted on: February 24, 2020

Healthcare Levy Cap Exclusion 2020 Budget

In Local Finance Notice 2020-02, the Division of Local Government Services (DLGS) noted that when preparing the property tax levy cap workbook the healthcare levy cap exclusion cannot be used for increases in healthcare costs resulting from decreases in e...

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Pension & Benefits
Posted on: December 23, 2019

20 & Out Expansion Poised for Senate Action

On Monday, the General Assembly approved A-6024. This bill, along with its Senate companion S-4297 would create an additional category of service retirement for Police Fire Retirement System (PFRS) employees. Under the bill, a PFRS emplo...

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Pension & Benefits
Posted on: October 11, 2019

PFRS Personnel Hire & Search

At its October 7 meeting, the Police and Fire Retirement System (PFRS) Board of Trustees appointed Gregory Petzold as the new Executive Director at an annual salary of $225,000. Petzold is currently the Deputy Chief of Staff of Intergovernmental Affairs i...

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Pension & Benefits
Posted on: September 24, 2019

Looking Ahead to Lame Duck: Path to Progress' Pension Hybrid Plan

As noted in the Path to Progress Report, “the State’s combined pension and retiree health benefit liabilities of $151.5 billion are four times the size of the State’s annual budget; and more than three times the size of the State’s bonded debt. That publi...

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Pension & Benefits
Posted on: September 13, 2019

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 ...

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Pension & Benefits
Posted on: September 13, 2019

2020 Pension Bills Released

The Division of Pensions and Benefits has released the 2020 pension bills for both the Public Employee Retirement System (PERS) and Police and Fire Retirement System (PFRS). The PERS employer contribution for 2020 is 13.69% compared to 14.11% in 2019. For...

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Pension & Benefits
Posted on: July 30, 2019

Pension Forfeiture Bill for Sexual Assault Convictions Signed into Law

Last week, Governor Murphy signed into law A-3766, which requires a public officer or employee to forfeit their pension upon a conviction for corruption of public resources, sexual contact, lewdness, or sexual assault when the offense involves or touch up...

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Pension & Benefits
Posted on: July 15, 2019

Recap of the July PFRS Board Meeting

At the July 8 Police and Fire Retirement System (PFRS) board meeting, the Board unanimously hired Robert Garrison as in-house legal counsel and appointed existing Division of Pensions staff to various positions needed to run the day-to-day operations of t...

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Pension & Benefits
Posted on: June 3, 2019

Path to Progress’ Pension Hybrid Plan

As noted in the Path to Progress Report, “the State’s combined pension and retiree health benefit liabilities of $151.5 billion are four times the size of the State’s annual budget; and more than three times the size of the State’s bonded debt. That publi...

Read on...

Pension & Benefits