Police and firefighter push to control their pensions back in play with Christie gone

New Jersey police and fire unions are taking another crack at getting control of their pension fund now that former Gov. Chris Christie is no longer in office.

A bill vetoed by Christie last year to spin police and fire pensions off from the government worker pension fund was approved by the state Senate Budget and Appropriations Committee on Monday.

The bill (S5) would give over the Police and Firemen's Retirement System and its $27 billion in assets to a 12-member board of trustees with control over the fund's investment strategy, benefits and contribution levels.

Police and firefighter labor leaders pushing for control say they can do better to manage and invest the funds than the state's Division of Pensions and Benefits or the State Investment Council, which directs the investments of $78 billion in retirement dollars for state and local workers.

Read more: http://www.nj.com/politics/index.ssf/2018/02/a_second_chance_for_police_firefighter_pension_spi.html