US. Police, firefighters would control own pension plan under N.J. bill
Police and firefighters would manage their own pension plan, taking control from the state, under a bill the Legislature passed Thursday. It now heads to Gov. Christie’s desk.
The Police and Firemen’s Retirement System, like the six other plans that make up New Jersey’s $72 billion pension fund, is currently managed by a division of the state Treasury Department.
The legislation would transfer control of the police and firefighters’ fund to its own board of trustees, which would be modified to include seven members representing workers and five members representing local and state government employers. There are about 41,000 active participants in the fund.
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