The New Jersey Firemen’s Mutual Benevolent Association (NJFMBA) and the New Jersey State Policemen’s Benevolent Association (PBA) have a ‘scheme to seize control of the fire and police pension system’ that two smaller unions, the Professional Firefighters Association of New Jersey (PFANJ) and the New Jersey Fraternal Order of Police (NJFOP), oppose. According to nj1015 legislation is needed:
The draft bill would shift management of the PFRS from state control to a board on which labor appointees would have a majority of the positions – two fire, two police and one retiree, along with four employer representatives. The board would control investment decisions and design of the plan.
The New Jersey pension system is the worst funded in the nation (37.5%) and there will be no distinctions between local and state levels when the money runs out. Unless ‘control’ of the PFRS comes with taxing authority there is nothing the unions can do to maintain the benefit levels promised regardless of how many experts they bring in to tell them otherwise.