Governor Murphy conditionally vetoed S-5, which would transfer the management of the Police and Fire Retirement System (PFRS) to a Board of Trustees comprised of Labor and Management representatives. In his veto message, Governor Murphy noted that he is confident that his recommended changes “strike an appropriate balance by both empowering the new board with management of PFRS while continuing to protect the stability of the State’s pension funds, the expectations of PFRS members and, ultimately, the financial interests of the taxpayers of this State.”
Our opposition to S-5 was based on the failure to provide adequate protections and safeguards for property taxpayers. We thank the Governor for recognizing the original bill would put our property taxpayers at risk, unless substantive changes were made. While we pushed for even more protections, we appreciate that the Governor’s conditional veto recommends safeguards and protections that were not in the original legislation.
The earliest the conditional veto can be considered by the Senate, the house of origin, is June 7. For more on the conditional veto please see the League’s May 10 alert.
Contacts: Michael Cerra, Assistant Executive Director, NJLM at firstname.lastname@example.org, 609-695-3481, ext. 120
Lori Buckelew, Senior Legislative Analyst, email@example.com, 609-695-3481, ext. 112