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New Jersey spends $4.4 billion annually on public employees and retiree health care costs, with the cost of health benefits making up 9% of the State’s budget today.
About 500,000 active and retired public employees will pay more for their health and pension benefits, saving New Jersey taxpayers an estimated $120 billion over 30 years in pension costs....
Retirement benefits are calculated using three important variables within the following formula: Highest Average Years of Retirement Age at Monthly Salary x Service Credit x Retirement Age Factor. As of 2008, CCCERA administers 8 different benefit tiers. All tiers use the above formula, however.
Legislation enacted in 1974 restructured railroad retirement benefits into two tiers, so as to coordinate them more fully with social security benefits. The first tier is based on combined railroad retirement and social security credits, using social security benefit formulas.
The New York City Subway is a large rapid transit system and has a large fleet of electric multiple unit rolling stock. As of November 2016, the New York City Subway has 6418 cars on the roster. The system maintains two separate fleets of passenger cars: one for the A Division (numbered) routes, the other for the B Division (lettered) routes.
Estimated yearly retirement costs: $47,760; Average yearly earnings for 65+ households: $28,773 (14th highest) Average yearly homeownership costs for seniors: $23,136 (second highest)
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