Bill Text: NJ A386 | 2010-2011 | Regular Session | Introduced
Bill Title: Increases membership of PFRS board of trustees.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2010-10-14 - Reported out of Assembly Committee, 2nd Reading [A386 Detail]
Download: New_Jersey-2010-A386-Introduced.html
STATE OF NEW JERSEY
214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by:
Assemblyman PETER J. BARNES, III
District 18 (Middlesex)
Assemblyman GORDON M. JOHNSON
District 37 (Bergen)
SYNOPSIS
Increases membership of PFRS board of trustees.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel
An Act increasing the membership of the board of trustees of the Police and Firemen's Retirement System of New Jersey and amending P.L.1944, c.255.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 13 of P.L.1944, c.255 (C.43:16A-13) is amended to read as follows:
13. (1) Subject to the provisions of P.L.1955, c.70 (C.52:18A-95 et seq.), the general responsibility for the proper operation of the retirement system is hereby vested in a board of trustees.
(2) The board shall consist of [11] 19 trustees as follows:
(a) [Five] Nine members to be appointed by the Governor, with the advice and consent of the Senate, who shall serve for a term of office of four years and until their successors are appointed and who shall be private citizens of the State of New Jersey who are neither an officer thereof nor an active or retired member of any police or fire department thereof. Of the four members initially appointed by the Governor pursuant to P.L.1992, c.125 (C.43:4B-1 et al.), one shall be appointed for a term of one year, one for a term of two years, one for a term of three years, and one for a term of four years. The member appointed by the Governor pursuant to the provisions of [this amendatory act,] P.L.1995, c.238[,] shall serve for a term of four years and until a successor is appointed.
(b) The State Treasurer or the deputy State Treasurer, when designated for that purpose by the State Treasurer.
(c) [Two policemen and two firemen who shall be] Eight active members of the system [and who shall be elected by the active members of the system for a term of four years according to such rules and regulations as the board of trustees shall adopt to govern such election] appointed by the Governor, with the advice and consent of the Senate, two upon the recommendation of the State Policemen's Benevolent Association, two upon the recommendation of the State Fraternal Order of Police, two upon the recommendation of the State Firemen's Mutual Benevolent Association, and two upon the recommendation of the Professional Firefighters Association of New Jersey, each for a term of four years and until successors are appointed.
(d) One retiree from the system who shall be elected by retirees from the system for a term of four years according to such rules and regulations as the board of trustees shall adopt to govern the election.
(3) Each trustee shall, after
his appointment or election, take an
oath of office that, so far as it devolves upon him he will diligently and
honestly fulfill his duties as a board member, and that he will not knowingly
violate or willingly permit to be violated any of the provisions of the law
applicable to the retirement system. Such oath shall be subscribed by the
member making it, and certified by the officer before whom it is taken, and
immediately filed in the office of the Secretary of State.
(4) If a vacancy occurs in the office of a trustee, the vacancy shall be filled in the same manner as the office was previously filled.
(5) The trustees shall serve without compensation, but they shall be reimbursed for all necessary expenses that they may incur through service on the board.
(6) Each trustee shall be entitled to one vote in the board. [Six] Eight trustees must be present at any meeting of said board for the transaction of its business.
(7) Subject to the limitations of this act, the board of trustees shall annually establish rules and regulations for the administration of the funds created by this act and for the transaction of its business. Such rules and regulations shall be consistent with those adopted by the other pension funds within the Division of Pensions and Benefits in order to permit the most economical and uniform administration of all such retirement systems.
(8) The board of trustees shall elect from its membership a chairman. The Director of the Division of Pensions and Benefits shall appoint a qualified employee of the division to be secretary of the board. The administration of the program shall be performed by the personnel of the Division of Pensions and Benefits.
(9) The board of trustees shall keep a record of all of its proceedings which shall be open to public inspection. The retirement system shall publish annually a report showing the fiscal transactions of the retirement system for the preceding year, the amount of the accumulated cash and securities of the system, and the last balance sheet showing the financial condition of the system by means of an actuarial valuation of the assets and liabilities of the retirement system.
(10) The Attorney General of the State of New Jersey shall be the legal adviser of the retirement system, except that if the Attorney General determines that a conflict of interest would affect the ability of the Attorney General to represent the board on a matter affecting the retirement system, the board may select and employ legal counsel to advise and represent the board on that matter.
(11) The State Treasurer shall designate a medical board after consultation with the Director of the Division of Pensions and Benefits, subject to veto by the board of trustees for valid reason. It shall be composed of three physicians who are not eligible to participate in the retirement system. The medical board shall pass upon all medical examinations required under the provisions of this act, shall investigate all essential statements and certificates by or on behalf of a member in connection with an application for disability retirement, and shall report in writing to the retirement system its conclusions and recommendations upon all matters referred to it.
(12) The actuary of the system shall be selected by the Retirement Systems Actuary Selection Committee established by P.L.1992, c.125. He shall be the technical adviser of the board of trustees on matters regarding the operation of the funds created by the provisions of this act, and shall perform such other duties as are required in connection therewith.
(13) At least once in each three-year period the actuary shall make an actuarial investigation into the mortality, service and compensation experience of the members and beneficiaries of the retirement system and, with the advice of the actuary, the board of trustees shall adopt for the retirement system such mortality, service and other tables as shall be deemed necessary and shall certify the rates of contribution payable under the provisions of this act.
(14) (Deleted by amendment, P.L.1970, c.57.)
(15) On the basis of such tables recommended by the actuary as the board of trustees shall adopt and regular interest, the actuary shall make an annual valuation of the assets and liability of the funds of the system created by this act.
(16) (Deleted by amendment, P.L.1987, c.330.)
(17) Each policeman or fireman member of the board of trustees shall be entitled to time off from his duty, with pay, during the periods of his attendance upon regular or special meetings of the board of trustees, and such time off shall include reasonable travel time required in connection therewith.
(cf: P.L.1995, c.238, s.1)
2. (New section) The terms of the two policemen and two firemen serving on the board of trustees of the Police and Firemen's Retirement System of New Jersey on the effective date of this act shall expire on that date, except that those trustees may hold over in office until appointments are made pursuant to subsection c. of section 13 of P.L.1944, c.255 (C.43:16A-13).
3. This act shall take effect immediately.
STATEMENT
This bill increases the membership of the board of trustees of the Police and Firemen's Retirement System from 11 to 19. The bill provides for four additional public members to be appointed by the Governor. It also replaces the two elected trustees who are active policemen and the two elected trustees who are active firemen with eight members of the retirement system appointed by the Governor, with the advice and consent of the Senate, two each upon the recommendation of the State Policemen's Benevolent Association, the State Fraternal Order of Police, the State Firemen's Mutual Benevolent Association, and the Professional Firefighters Association of New Jersey.
