TRENTON, N.J.—A bill to split New Jersey police and firefighters’ unions pension fund off from the main
government-worker fund advanced Feb. 5, when it was approved by the state Senate Budget and Appropriations Committee. Union leaders told NJ.com that they believe they could do a better job of managing the Police and Firemen’s Retirement System fund, which has $27 billion in assets and covers more than 85,000 active and retired members, than the agency handling the main fund for state and local workers. “The responsibilities that come with that are enormous,” state Senate President Stephen Sweeney (D-Gloucester), the bill’s sponsor, said. “And I assume police and fire know that, and they’re still willing to take it on.” The legislation would put the fund under the control of a 12-member board with members representing both labor and government. It would have the power to overrule the state’s freeze on cost-of-living adjustments for retirees. Read more
