0000095682 00000 n 0000112622 00000 n < 4 100 Concerned Teamster Local 707 Retirees. 0000164194 00000 n Nearly all the 14 million people who work full time for state and local governments are eligible for traditional pensions, which guarantee a fixed lifetime income for those who have worked for those governments for a certain number of years. Pension funds invest in stocks, bonds, real estate, private equity and a host of other assets, hoping to generate a safe return. A small subset of local governments have pension costs much higher than the rest of the pack. 0000165855 00000 n In 2007, for example, the median local government I studied contributed $4,901 toward pensions per full-time equivalent employee and 3.1 percent of its general revenue.

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0000140166 00000 n In places like San Jose and Joliet, Ill., pension expenditures by 2016 were well over 10 percent of general revenue.The takeaway? 0000165588 00000 n 0000124928 00000 n Almost all public pension funds assume investment returns somewhere around 7% (and some as high as 8%+). 0000124875 00000 n 0000064756 00000 n 0000124626 00000 n The reason for this crisis is simple – investment returns are too low. 0000158015 00000 n 0000003087 00000 n 0000165692 00000 n This page is to gather information and concerns of Teamster Road Carriers Local 707 retirees pension cuts 0000002696 00000 n 0000164485 00000 n 0000155242 00000 n Phone (732) 297-3900. Phone (732)297-0194. 0000166145 00000 n 0000156196 00000 n In a city of 100,000 people, that’s typically a loss of about 65 city employees. 0000165773 00000 n Fax (732) 297-0944 Local 522 Health and Welfare Fund.

0000165610 00000 n 218 likes. It means that all those who rely on local government services are in danger of losing those supports. Last Updated: 6/29/2020 6:04 PM Contact Us. Even when I look at local pension contributions per active employee or as a percentage of general revenue, there is wide variation. 0000133680 00000 n Home » Services » Mid-Jersey Trucking Industry and Local 701 Pension Fund. 0000124804 00000 n Many Americans take for granted that their local governments will provide public services like police protection, fire protection, street sweeping and refuse collection. 0000128932 00000 n xref Here’s what you need to know.From these reports, I determined how much each local government contributed toward its employees’ retirement benefits each year. This doesn’t just mean fewer government jobs to go around. In the top 15 percent of the cities and counties, however, that grew by a whopping $5,314 per employee and consumed about 3 percent more general revenue. 0000166251 00000 n 0000149478 00000 n 0000125036 00000 n

0000004423 00000 n 0000165439 00000 n 0000165460 00000 n General Information: (202) 622-2000 Fax: (202) 622-6415 Hours: Mon-Fri 8:00am - 5:00pm View Treasury … 0000125303 00000 n 0000079618 00000 n 0000002296 00000 n 0000125347 00000 n 0000163116 00000 n

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