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Municipal Workers Who Volunteer as Firefighters or EMS face Delay of Pension Benefits

Paramus firefighters battle a smokey blaze at the Denny Wiggers Garden Center

file photo by Boyd Loving

January 5,2017

the staff of the Ridgewood blog

Trenton NJ,  Many firefighters, emergency medical technicians and other volunteer first responders in New Jersey are being told to leave their posts for six months.

Many volunteer first responders come from the ranks of the local town employees .

The State of New Jersey is saying that  technically these volunteers hold two positions and must terminate from both positions in order to qualify for retirement benefits, when they retire .

State law says there must be a six-month separation of service from the town  retires from before he can receive any compensation from the town again or else he puts his pension in jeopardy.

State Assemblywoman Holly Schepisi (R-Westwood) said many towns rely heavily on volunteer services. Thus, she introduced a bill two years ago that would get rid of the six-month separation for firefighters.

“Went through committee unanimously; went through the entire senate unanimously,” Schepisi said.

The problem is that the bill has not been put up for a final vote in the assembly. If it is not voted on by this week, it expires.

Only Assembly Speaker Vincent Prieto (D-Secaucus) can bring the bill up for a vote. Schepisi said he assured her it would move forward, but so far, it has not

Assemblywomen Holly Schepisi , “For my NJ friends please call your state assembly representatives and ask them to get Assembly Bill A-536 posted for a vote by Speaker Vincent Prieto on Monday. Our volunteer firefighters and EMS face losing their pensions if they continue to volunteer after retirement from a State, school or municipal job. My bill fixes this absurd requirement but time is running out.”

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Investment gains for N.J.’s pension fund fell sharply last fiscal year

Wall-Street

JANUARY 27, 2016, 6:44 PM    LAST UPDATED: WEDNESDAY, JANUARY 27, 2016, 8:26 PM
BY SALVADOR RIZZO
STATE HOUSE BUREAU |
THE RECORD

Investment gains for New Jersey’s $79 billion pension fund fell sharply in the fiscal year that ended June 30, and those pension investments are in negative territory so far this year, state officials reported Wednesday.

Christie administration officials and the State Investment Council had acknowledged in July that, with 11 months of data, the pension fund was likely to see a sharp drop in its rate of return for fiscal year 2015. Now, with all 12 months of data, the state announced that it achieved investment gains of 4.16 percent, a tumble from 16.87 percent in the previous year.

New Jersey’s pension fund is the 17th largest in the country and 33rd largest worldwide – investing in everything from real estate, private equity, commodities, stocks, hedge funds and more. Nearly 780,000 public workers and retirees are beneficiaries of the pension system, meaning they depend on the success of those investments.

The state Supreme Court has said that public workers are entitled to their pension checks “when due.” If the money does not come from investment gains, it would have to come from state taxpayers or public workers.

The fund’s performance is in negative territory so far this fiscal year, down 3 percent for the July-through-December period, officials added.

https://www.northjersey.com/news/investment-gains-for-n-j-s-pension-fund-fell-sharply-last-fiscal-year-1.1500166