The pension reform proposal that Governor Andrew Cuomo submitted with the Executive Budget, known as Tier VI, would increase contributions from new employees to the pension funds of New York’s state and local governments, including New York City.
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.
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.
Yesterday, Mayor Bloomberg, Comptroller Liu and a number of city labor leaders announced an agreement that is intended to “depoliticize,” “professionalize” and “streamline” the way pension funds invest. This consolidation is meant to reduce the complexity, inconsistency and inefficiency of administering five different pension funds. This makes sense.
The Citizen Budget Commission congratulates Governor Andrew Cuomo on his veto of A6309/S4067, the bill that proposed allowing school districts to borrow over $1 billion for pension costs.
Yesterday, Governor Andrew Cuomo and the Civil Service Employees Association (CSEA) reached a preliminary five-year contractual agreement that provides substantial savings for New York State and, if adopted by other State employee unions, could spare 9,800 employees from the pain of layoffs. In New York City, Mayor Michael Bloomberg, the City Council and municipal unions continue to look
The Mayor and City Council are discussing ways to avoid the layoffs and service cuts proposed to balance the fiscal year 2012 budget. They should consider reforming health insurance arrangements for employees and retirees as a way to create meaningful savings and prevent the cuts. CBC suggests three specific changes that could save the City over $1.5 billion in fiscal year 2012:
The Mayor, City Council members and labor leaders are actively discussing ways to prevent the layoffs and cuts proposed to balance the budget in fiscal year 2012. One option under consideration is diverting money from the Health Insurance Premium Stabilization Fund.
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