The Penn's Grove record., 1919-01-03

lley may Exist upon q sound financial
basis with .ing!e benefits 20 members.
It has been alleged IN previous reports
by the Chamber Of Commerce hat not
only were Lhese funds absolutely in
solvent, but that they were 50 man
aged thar a teacher could draw more
money In pensions after having been
retired than he or she could earn in
active service.
The conclusion of Paul ~Studensky Of
the Bureau of Research of the State
Chamber is that the rate of annuities
to be grLnted in the future as well as
the rate of future pensions must be re-
duced and the contributions of the
teachers increased in such a way as to
provide together an adequate but not
excessive benefit for every retiring
teacher, that the independent and un-
correlated operation of the w sys-
tens, which allows some teachers to
retire on double benefits and others OH
only n or the other benefit, should be
discontinued and a consolidation of the
two systems effected, that the state
should in this case assume in an equi-
table measur those financial RESPONSE
bilities of the ~actuarially insolvent
funds which the teachers cannot bear
and that the cost of the new system
should be equitably divided between
the teachers and the state in accord
ance with sound principles and practi-
cal considerations.
includes Insurance Safeguard.
Plans of the Firemen's Pension and
Retirement Funds Commission for a
complete reorganization of the pension
fund systems in force throughout the
state were outlined by ~Assemblyman
Arthur \. Pierson at a hearing in the
assembly chambers on firemen's pen
sions. About 80 persons, mostly repre-
sentatives of fire departments, attend
ed the hearing.
Mr.. Pierson told of the work accom-
plished by the commission of which he
is chairman in making a study of the
various pension systems now in force.
He said the commission would be in
position to make a complete report
during the early part of the coming
legislative session. He said the COM
mission had learned with regret that
most of the systems now in force in
the state are not financially sound and
do not afford assurance that they will
future.
Taking up 1remen's pensions, Mr..
PierSOn said it is planned TO establish
automatically new pension funds in all
municipalities. These will affect men,
bers Of present funds only if they so
elect. This may be done either indi-
yidually or by a vote of 60 per cent. Of
a membership Of a present fund, which
will merge it with the new fund.
1t is proposed, Mr.. PtersOn added, to
ask the cities to make up the liability
of members of old funds becoming
members of new funds by paying over
to the fund the difference between that
actually paid by old members and that
which they would have been required
to pay had the new system been in eff
feet. AS expressed by Mr.. Pierson, this
will permit transfers to the new fund
at par.
Features of the present system, de-
scribed as inflexible or unavoidable by
Mr.. Pierson, will be remedied under
the bill to be proposed by the commits
sion. This measure, he said, will make
radical changes, important among
which is that every member of a pen
sion fund will be given a definite stat
US emitting him TO some return for the
money he has paid in. In other words,
memberhip in a fund will have a cash
surrender value similar to that Of in
IRAN policies of the present day.
Under the system now in force if 2
man quits the service before becoming
eligible for a pension all he has o II
tributed to the fund Is Il loss.
During the discussion following Mr..
Persons remark it vas commended that
iremen should be given more liberal
treatment than other public employees
in the matter of pensions because of
the hazards of their calling. the DAN
gers to which they are exposed and the
time which they are actually in serv-
ice. The minimum time of service for
a fireman, it was stated, is u hours,
while in many cases it is IS hours a
day, with the additional provision that
the fireman is liable to cali at all times.
To Make State Roads Safe.
Some idea of how motoring is super
vised in New Jersey was given by Mo-
tor Vehicle Commissioner Dill, speak
ing at a luncheon given in New York.
AS guests of Col. Edward S. Cornell,
motor vehicle commissioners from sew
eral eastern states and others active in
the automobile world gathered at the
Hotel McAlpin to discuss proposed new
laws to govern power driven vehicles.
Commissioner Dill told his audience
that in the effort TO make New Jersey
roads safe $50 drivers licenses have
been revoked permanently and 400
more operators have been suspended.
Commissioner Dill also related to the
other guests how the number of deaths