Fees to Wall Street, Low-Performing Hedge Fund Investments Significantly Cut After Union-Led Campaign
After a year-long campaign, labor unions succeeded in achieving the largest reductions in Wall Street fees and hedge fund investments in the history of the New Jersey pension fund. The State Investment Council unanimously approved these changes on Wednesday, August 3, 2016. The decision will reduce the plan’s hedge fund allocation by more than half from the current 12.5% to 6% in FY17. The decision will also address a long-standing concern from pension beneficiaries by reducing the total alternative investment allocation from 32% to 26% of the pension fund. The New Jersey State AFL-CIO and union representatives on the panel have worked aggressively, for over a year, to achieve today’s results and were proud to receive support of administration representatives after a compromise was struck.Read more
Brother Mark McManus was elected General President of the United Association at the UA’s 39th General Convention and will assume his new role next January. On behalf of the one million members of the New Jersey State AFL-CIO, we congratulate Brother McManus on his new leadership position that reflects his ongoing and distinguished career in support of our nation’s hard working men and women.Read more
Workers Continue Fight to Advance Stalled TTF Bill
Workers filled the streets and halls of the capitol complex today as the state Senate took up crucial legislation concerning unemployment compensation for strikers, and a deadline loomed to place the pension funding question on the ballot this year.
With thousands of jobs on the line, workers also realize the necessity of funding the Transportation Trust Fund (TTF). The New Jersey State AFL-CIO supports the compromise funding bill, S-2411/A-12, and will continue to prevail upon legislators to take up and approve this legislation. CLICK HERE to urge your legislator to support TTF funding now.
During a noon rally in front of the Statehouse, hundreds of union members called on legislators to approve a measure that would place the pension funding question on the ballot for voters to decide. The deadline for the Senate to act is August 8th. It is therefore imperative that every union member lend his or her voice to this effort. CLICK HERE to send a message to your state Senator now and show your solidarity for our brothers and sisters.Read more
Take Action Now to Ensure Passage on Monday
The Senate Budget and Appropriations Committee met today to consider A-12 and S-2411, regarding a sustainable funding method for the state’s Transportation Trust Fund. Committee members adopted several amendments to reconcile the differences between the Senate and Assembly bills. The amended legislation was released from committee by a vote of 8 to 4 with one abstention. The full Senate is expected to consider the bill on Monday, August 1, 2016.
With thousands of jobs on the line and millions of dollars in construction projects at stake, it is imperative that the full Senate and Assembly move immediately to pass this legislation. CLICK HERE to send a message to your Senator urging him or her to vote yes on the amended bill.Read more
The New Jersey State AFL-CIO is pleased to share the news of a major contract victory at Shore Medical Center in Somers Point, NJ. This is a strong contract that comes as a result of the unwavering dedication of the Shore Nurses Union negotiating team and their committed membership. In addition to preserving the terms of the previous contract, the new four-year agreement will include incremental pay increases, measures to provide stable retirement income, and a quality affordable health plan.Read more
The decision to go on strike is never easy. Just ask Local 54 workers at the Taj Mahal who have gone without pay and benefits for nearly four weeks. Think about the thousands of CWA and IBEW members who were on strike at Verizon for six weeks. It is clear that going on strike is a measure of last resort.
Therefore, legislators must step up to ensure that workers, who have no choice but to go on strike, are eligible for unemployment benefits. A bill to provide these benefits to strikers is set for a floor vote in the state Senate on Monday, August 1, 2016. We urge you to send a pre-written message to your state Senator, urging him or her to support S-2160.Read more
More than 1,100 Taj Mahal workers remain on strike, demonstrating remarkable endurance and commitment to securing workplace justice and a middle class standard of living. The strikers are frequently supported by visiting affiliate unions. They received the largest outpouring of support so far on Thursday, as workers from across the labor movement fanned out across the boardwalk to bolster their cause.Read more
While workers continue to fight for fair treatment and affordable health care, billionaire Carl Icahn has continued to sling threats and undercut middle-class jobs in New Jersey.
The New Jersey State AFL-CIO stands in firm support of our 1,100 striking brothers and sisters at the Taj Mahal in Atlantic City, and we urge you to join us for a rally this Thursday to show your solidarity and union pride.Read more
The U.S. Department of Labor is welcoming New Jersey unions to take part in a free educational workshop being held at the Rutgers Labor Education Center next week.Read more