Donnelly Elected Chair to manage Police and Firemen’s Retirement System (PFRS)
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Eddie Donnelly, President of the NJ FMBA, has been elected as the first Chairman of the Board of Trustees that will manage the Police and Firemen’s Retirement System (PFRS).
Under the new structure, the Board of Trustees, made up of a majority the pension’s stakeholders, firefighters and police officers who rely on the pension they’ve invested in over the course of their careers, will be responsible for managing the fund.
Donnelly, who has been largely credited with steering the legislation through the New Jersey Legislature, was appointed to the Board by Governor Murphy following the July 3, 2018 bill signing.
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How much would COLA cost to reinstate?💰
Keep reading to find out!
Friends, as you know we have been working hard on getting COLA reinstated. We have waited for over a year for simple numbers for a scenario from our retired Trustee Bruce Polkowitz, but it appears those who have access to the numbers in PFRS don’t like to play well with others, ie. Executive Director Greg Petzold. So instead of waiting, I located the entire database for all NJ retirees. Unlike PFRS Chairman Edwin Donnelly’s horrible piece of legislation for all State retirees, I am focused on helping PFRS retirees only! Thank you to those who have trusted and believed in me. I am grateful, and thank you for helping me to crunch these numbers, for you all to see just how little COLA would cost the Employers! Remember it’s the PAA, not the pension fund itself, which funds our COLA.
Here are the numbers down to the cents. These figures are based on various numbers of years retired to give you an idea on the cost. Remember Fact Sheet 18 originally had COLA starting at your 25 month, with so many variables. No 60% rule and it’s not based on the CPI the year you retired. Simple easy math, instead of using the crazy outdated formula we have used forever, which is nowhere to be found in the law!
These figures are flat percentage, using 2021 August CPI at 3.36% and what 1% looks like, so you can multiply it by whatever CPI percentage you like to see the costs.
10 years out (2011) 3.36% $47,345,301.39 M
1% = $14,090,823.51 Million
7 years out at 3.36% $60,790,788.30M
1% = $17,880,889.38 Million
5 years out at 3.36% = $68,936,538.25M
1% = $20,516,826.86 Million
2 years out at 3.36% = $81,282,988.05M
1% = 24,191,365.49 Million
Currently the PAA is paying $168,955,417.08 for all PFRS retirees as of 12/31/2021 who earned COLA prior to it’s suspension in 2011. You would have to add one of the above scenarios to this total to get the total cost for COLA, under the PAA. Remember the total cost is divided up amongst 565 municipalities and the State of New Jersey. It’s really not that much money and would NOT affect tax payers or contractual negotiations for active members!
Our Trustee Bruce Polkowitz was presented with these numbers, since PFRS Chairmanship Ed Donnelly has failed to provide them to him, as far I am aware. I am so tired of the Board and their Staff dragging their feet on everything they do! Now that Trustee Polkowitz has these accurate numbers, I call upon him to come up with a scenario, which the PFRS Board would vote upon. Bruce agrees that the employers would pay for COLA. Let’s get it done!
In the meantime, the NJRPFA and your admins will be working on legislation, in case our Board fails us. They say they need the money to be transferred first, but we all know this is not true. It’s a stall tactic. Furthermore, the money may not be transferred anytime in the near future.
Please refrain from posting negative comments about the different scenarios. These are the numbers our Trustee needed and he was provided with them. The ball is in his court and we must make sure he presses forward now to get COLA reinstated!
I hope this sheds some light on the true cost of COLA for PFRS! One more thing, I proposed bringing retirees’ base retirement allowance and adding their COLA (for those who received it prior to the suspension), to be their new base retirement, this method would help out the most needy.
LET’S KNOCK OFF THE BS AND GIVE THE RETIRED POLICE AND FIREFIGTHERS THAT SO RICHLY DESERVE WHAT WAS PROMISED TO THEM WHEN THEY SWORE THEIR OATH TO PROTECT AND SERVE THE GREAT STATE OF NEW JERSEY….THEIR COST OF LIVING INCREASES BACK, FOR SOME ARE BEING PUSHED OUT OF THEIR HOMES DUE TO A 9% INCREASE IN THE COST OF LIVING LAST YEAR ALONE!!!
HERE IS HOW IT LAYS OUT!!!…How much would COLA cost to reinstate?💰
Keep reading to find out!
Friends, as you know we have been working hard on getting COLA reinstated. We have waited for over a year for simple numbers for a scenario from our retired Trustee Bruce Polkowitz, but it appears those who have access to the numbers in PFRS don’t like to play well with others, ie. Executive Director Greg Petzold. So instead of waiting, I located the entire database for all NJ retirees. Unlike PFRS Chairman Edwin Donnelly’s horrible piece of legislation for all State retirees, I am focused on helping PFRS retirees only! Thank you to those who have trusted and believed in me. I am grateful, and thank you for helping me to crunch these numbers, for you all to see just how little COLA would cost the Employers! Remember it’s the PAA, not the pension fund itself, which funds our COLA.
Here are the numbers down to the cents. These figures are based on various numbers of years retired to give you an idea on the cost. Remember Fact Sheet 18 originally had COLA starting at your 25 month, with so many variables. No 60% rule and it’s not based on the CPI the year you retired. Simple easy math, instead of using the crazy outdated formula we have used forever, which is nowhere to be found in the law!
These figures are flat percentage, using 2021 August CPI at 3.36% and what 1% looks like, so you can multiply it by whatever CPI percentage you like to see the costs.
10 years out (2011) 3.36% $47,345,301.39 M
1% = $14,090,823.51 Million
7 years out at 3.36% $60,790,788.30M
1% = $17,880,889.38 Million
5 years out at 3.36% = $68,936,538.25M
1% = $20,516,826.86 Million
2 years out at 3.36% = $81,282,988.05M
1% = 24,191,365.49 Million
Currently the PAA is paying $168,955,417.08 for all PFRS retirees as of 12/31/2021 who earned COLA prior to it’s suspension in 2011. You would have to add one of the above scenarios to this total to get the total cost for COLA, under the PAA. Remember the total cost is divided up amongst 565 municipalities and the State of New Jersey. It’s really not that much money and would NOT affect tax payers or contractual negotiations for active members!
Our Trustee Bruce Polkowitz was presented with these numbers, since PFRS Chairmanship Ed Donnelly has failed to provide them to him, as far I am aware. I am so tired of the Board and their Staff dragging their feet on everything they do! Now that Trustee Polkowitz has these accurate numbers, I call upon him to come up with a scenario, which the PFRS Board would vote upon. Bruce agrees that the employers would pay for COLA. Let’s get it done!
In the meantime, the NJRPFA and your admins will be working on legislation, in case our Board fails us. They say they need the money to be transferred first, but we all know this is not true. It’s a stall tactic. Furthermore, the money may not be transferred anytime in the near future.
Please refrain from posting negative comments about the different scenarios. These are the numbers our Trustee needed and he was provided with them. The ball is in his court and we must make sure he presses forward now to get COLA reinstated!
I hope this sheds some light on the true cost of COLA for PFRS! One more thing, I proposed bringing retirees’ base retirement allowance and adding their COLA (for those who received it prior to the suspension), to be their new base retirement, this method would help out the most needy.