With the budget fight over, New Jersey Police Benevolent Association (PBA) President Pat Colligan is taking the time to thank lawmakers for handing the reins of the Police and Firemen’s Retirement System to the pension system’s board of trustees.
“The signing of Senate Bill 5 into law will have a profound impact on the future of our retirement system and it places in the hands of PFRS members and their employers the tools to do what the State has failed to do for too long: focus on fully funding the system,” Colligan said. “I am grateful to Governor Murphy for his support in our efforts to restore the health and independence of the PFRS.”
The pension, once one of the most well-funded systems in the country, has become something of a thorn for New Jersey lawmakers in recent years. Colligan blamed “state ineptitude” for its funding shortfalls.
At the same time, he didn’t hesitate to thank lawmakers responsible for the shift in control.
“I want to especially thank Senate President Sweeney for sponsoring this law and for his passionate leadership in advocating for this concept to protect our pensions,” Colligan said.