"By promoting financial and ethical responsibility for all elected officials and committing to meaningful change, Citizens Budget Commission has enriched our democratic society and the quality of life for all citizens." State Comptroller Thomas P. DiNapoli
Today, the U.S. Census Bureau released new figures on public retirement systems.[1] A quick look at the data underscores why New York’s pension system is costly, how it is out of line with others and why reform is needed.
Part of Governor Andrew Cuomo’s “Tier VI” proposal to make pension benefits for public employees of New York’s State and local government more affordable and sustainable over the long term is an optional 401(k)-style plan.
President Carol Kellermann pens an op-ed urging the legislature to pass Governor Cuomo's proposal to modernize the State's pension system by offering new employees a 401(k)-style option.
As 2012 begins and the New York State Legislature begins a new session, its first priority should be reform of the financing and benefits of pensions for state and local employees. Such reforms are urgently needed because (1) the relatively high cost of the current system places New York at a competitive disadvantage, and (2) these costs have been growing and are projected to continue growing, making a bad situation worse.
The CBC today released a policy brief titled “The First Priority in the New Year – Pension Reform.” It compiles the latest financial data on the rising cost of pension obligations of government entities in New York State, including New York City, other localities and the MTA, and, in doing so, underscores the case for comprehensive pension reform to alleviate financial burdens statewide.
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