'25 and out' retirement in jeopardy for safety workers
Cops and firefighters are in limbo after union officials say the '25 years and out' retirement plan could be changed.
Police officers and other public safety workers around the Garden State could now be subject to a minimum retirement age of 50 statewide.
Frederick Beaver, the state's pension director, sent a letter to the police union Thursday which offered some reassurance to officers.
?I appreciate your concern as to how this new regulation might impact members ? but after reviewing the new regulation ? the Division feels strongly that it would not alter the ability of a member to retire under any existing law,? the letter states.
Congressman Bill Pascrell is on the side of the Police Benevolent Association and is calling for a reconsideration from the IRS.
"This new one-size-fits-all approach establishes an arbitrary retirement age that fails to consider the physical, mental and emotional stress factors that often force police and firefighters into early retirement."
The pension director has hired outside counsel to review the rule?s impact on state pension plans.