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Pensions and Benefits |
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A MESSAGE FROM THE DIRECTOR
| November 19, 2009 |
| TO: |
Participants in the Public Employees’ Retirement System (PERS) |
| FROM: |
Frederick J. Beaver,
Director, Division of Pensions and Benefits |
The Division of Pensions and Benefits has been made aware of a memo, written on CWA local leadership letterhead and circulated to certain union members which erroneously and misleadingly describes the process for readopting regulations for the Public Employees’ Retirement System. The purpose of this Division notice is to provide PERS members with a factual description of what will and will not occur as well as to correct the misinformation and unnecessarily alarmist language contained in the CWA memo. Unfortunately, the letter does not contain an accurate description of the regulatory process. We think it important that PERS members be provided with an accurate depiction of what will and will not occur through the adoption of regulations (which is usually a period of 4 to 6 months), most of which are unchanged. |
| Now let’s consider the process. |
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At its monthly meeting on October 21, 2009, the PERS Board unanimously approved the proposed regulations for publication in the New Jersey Register; |
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We expect the proposed rules to be published sometime in November; |
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Once published, interested parties will have sixty (60) days to submit their comments; |
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Upon close of the comment period, Division of Pensions and Benefits staff will address all comments, make changes where appropriate, and prepare a document for consideration by the Board; |
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Once all this is done the Board will be presented with a revised regulation, with comments and responses to comments, for Board consideration; and |
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If approved by the Board, the regulations will then be sent for final publication. |
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Suggestions that this process would begin and conclude over a condensed period of time, such as during the next two months, are irresponsibly false. |
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