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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....
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.
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.
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.
In fiscal year 2020–21, CalPERS paid over $27.4 billion in retirement benefits, and over $9.74 billion in health benefits. CalPERS manages the largest public pension fund in the United States, with more than $469 billion in assets under management as of June 30, 2021.
NEW YORK — A new package of New York laws will help volunteers and first-responders who aided the 9/11 rescue efforts access their pension and health benefits, state officials said.