New Jersey Governor takes action on bill giving police, firefighters control over pensions

  • Source: NJ.com
  • Published: 05/11/2018 12:00 AM

Gov. Phil Murphy said Thursday he's ready to hand over control of police and firefighters' pensions -- but only if state lawmakers agree to some minor changes to the controversial spinoff. The governor conditionally vetoed the bill (S5) on Thursday, calling for "technical changes" to protect the pension fund and New Jersey taxpayers. Police and fire unions in the state have long desired to divorce their more healthy pension fund from the much weaker funds for teachers and other state and local public workers. The unions have feared lawmakers might someday pool assets to shore up those ailing funds and have disagreed with the state's investment strategy, namely its push into high-cost hedge funds, and watched as insufficient state contributions lifted unfunded liabilities.



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