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May 8, 2017
Trenton, NJ
League and Association of Counties Applaud Governor’s
Conditional Veto of PRFS Legislation
Earlier today, Governor Chris Christie conditionally
vetoed legislation that would transfer control of the Police and Fire
Retirement System (PFRS) from the State Department of Treasury to an
independent board. The Governor’s conditional veto provides important
and necessary protection for property taxpayers, including:
- A balanced board (7-7) between labor and management.
The bill as passed by the Legislature was a labor controlled (7-5)
board;
- Subjecting PFRS to the reforms of P.L. 2011, c. 78;
- Sick pay reform.
- Provides transparency
Michael J. Darcy, Executive Director of the New Jersey League of Municipalities stated,
“The League of Municipalities applauds the Governor’s action in
conditionally vetoing S3040 and for advancing recommendations that
protect our taxpayers. PFRS is a defined benefit plan, in which the
employee’s contribution is statutory capped, so if there is a shortfall
in a return from investments the employers (in this case municipal and
county taxpayers) must make up the difference from their general
funds. It’s not equitable for our property taxpayers to carry all the
risk with little control and that’s why putting our taxpayers on equal
footing is vital. We urge the Legislature to accept and advance the
Governor’s recommendations. ”
John Donnadio, Esquire, Executive Director of the New Jersey
Association of Counties added, “With local governments contributing 70%
of the funds to the PFRS system, the Governor’s recommendations provide
safeguards while preserving the important bi-partisan reforms advanced
in 2010 and 2011. The Governor’s recommendations not only improve the
existing proposal, but he has also advanced important sick pay reform
to offer further taxpayer protections. We likewise urge the
Legislature to advance the Governor’s recommendations.”
Contact: Email Michael Cerra, Assistant Executive Director, NJLM at 609-695-3481, ext. 120 or 609-532-2494.
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