Announcement by the actuary for the Police and Firemen Retirement System (PFRS) that the value of the pension fund had dropped in 2012 is a cause for serious frustration by the members of the New Jersey State PBA, said its president, Anthony Wieners. Officers, both active and retired, made a commitment to ensure our pensions were secure under the guise of shared sacrifice, but politicians have again shortchanged the retirement system. Cranna of Buck Consultants, one of two actuaries to present their review of pension funds Monday, said the PFRS funding ratio fell below the target rate of 76.4 percent because of a drag by the state.
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