Blog posts tagged with "Pension"

New York City Is Not Alone

Nov 17, 2011

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.

Another Good Idea to Save the City Money

Oct 28, 2011

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.

Another Promising Sign

Jul 13, 2011

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.

New York City’s Adopted Budget: Missed Opportunities

Jul 06, 2011

On the evening of Friday June 24 Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced an agreement on the City’s budget for fiscal year 2012; five days later, on Wednesday June 29, the Council voted to approve the deal and taxpayers got to see the specifics.

An End to Business As Usual

Apr 11, 2011

State leaders have seized the opportunity presented by the unprecedented budget deficit to implement long-term solutions that will help restore the State’s fiscal strength. While the budget negotiations signaled a change in Albany’s working dynamics, some old habits die hard; indeed, some just won’t die at all.

The City’s FY 2011 Budget: The Buck Stops Here

Jul 13, 2010

In June the New York City Council voted to approve New York City's budget for fiscal year 2011. The Mayor and the City Council should be commended for passing a budget that responsibly deals with difficult financial realities without raising taxes and by achieving recurring savings of over $1 billion in agency spending.

Not so sweet

Jun 21, 2010

While the State and local governments struggle to pay for current salaries and fringe benefits of public employees and to fully fund the pension system for retirees - resorting to a "borrowing" scheme to stretch out required payments - the State Legislature has remained undeterred in intro

The State and Local Pension Stretch (Updated)

Jun 17, 2010

In contrast to the dubious fiscal practices in many areas of its budget, New York's pension system for public employees has been a bright spot. Among the 50 states, New York stands out for consistently setting aside adequate funds to make its employee pension systems fiscally sound.

Christmas Bonuses

Dec 14, 2009

Many New Yorkers feeling the effects of the recession will be tightening their belts and shortening their gift-giving lists this holiday season; but, they might find an unexpected entry on their lists. Tomorrow, thousands of retired police and firefighters will be receiving $12,000 Christmas bonuses courtesy of the City's taxpayers.