"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
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.
The contract of the Transport Workers Union (TWU) expired on January 15, 2012. To determine what a fair wage increase would be in the current fiscal climate, this report applies the criteria specified by the Public Employment Relations Board (PERB) for determining arbitration awards.
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.
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.
The Office of the New York City Actuary is expected to recommend changes to the assumptions used to calculate the City’s annual pension costs. These changed assumptions will have an impact on the amount the City is required to contribute to its employee pension funds.
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 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.
Printer-friendly version
