COMMUNICATIONS WORKERS OF AMERICA
Materials on the current pension crisis:
The documents summarize facts and figures about State PERS and other plans, the timeline of the current pension crisis, essential questions and figures on where pension money has gone under Governor Christie, and a Synopsis of the Roadmap to Resolution reform plan.
The State of New Jersey PERS (Public Employee Retirement System) is under attack.
This page is to keep our members informed and educated on the pension crisis. We will continue to mobilize, organize and fight for our rights, and for our pension for our retirees, current working CWA Members and future workers.
◦ In February, Gov. Christie announced a $2.5 billion pension payment in the state budget. This is only half of the required contribution recommended by actuaries.
◦ The Governor also proposed that the State Lottery be transferred into the pension plan as an asset. The value of this asset would be $13.8 billion dollars. In transferring this asset in, it will lower the unfunded liability.
◦ We do not know as of yet: 1) If this is legal; 2) If the amount they say the Lottery is worth is genuine, and 3) If pensions will actually benefit from this.
◦ CWA is meeting with the Treasurer to get our questions answered with our lawyer, Steve Weissman, our actuary from Segal Corporation (which is independent of the State) and Adam Liebtag, President of Local 1036 and our representative on the State Investment Council
NJTV News Special Report: Gov. Christie Takes Action on FY 2016 Budget. Turns his back on the working families that work hard for their pensions and healthcare.
PUBLIC EMPLOYEE PENSION FUNDS UNDER ASSAULT
Communications Workers of America Local 1039
13 West Front Street, Trenton, NJ 08608 Tel. 609.394.9151 Fax 609.394.9411 E-mail: email@example.com
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