CBC applauds the Governor for taking an important stand and vetoe a bill, A3426/S149, which would have added to the already staggering burden on taxpayers of pension obligations for state and local public employees.
This op-ed, released in conjunction with the report “The Explosion in Pension Costs: 10 Things New Yorkers Should Know About Retirement Benefits for New York City Employees,” highlights facts that taxpayers should know about the cost of retirement benefits for New York City employees.
In recent years, one of the fastest growing expenses for New York City government has been retirement benefits for municipal workers. This growth is driven mainly by investment losses in the pension funds and the enrichment of retirement benefits. As New York taxpayers have a critical interest in understanding the reasons behind the explosion in retirement benefit costs and what can be done to limit future liabilities, this report summarizes 10 facts about retirement benefits for New York employees.
Written by CBC President Carol Kellermann and President and CEO of the Business Council of New York City Kenneth Adams, this op-ed outlines Governor David Paterson’s proposed measures in response to the challenges associated with such a high-cost fringe benefit system. The authors advocate for the Governor’s proposals and suggest enhancements, particularly with respect to the pension plans of New York City firefighters and police officers.
Written in conjunction with the report “Six-Figure Civil Servants: Average Compensation Cost Of New York City Public Employees,” which showed that the average compensation costs of full-time City employees was $106,743 in the last fiscal year, this op-ed by CBC President Carol Kellermann suggests three steps to be taken immediately to avoid jeopardizing the City’s economy and its services.
In fiscal year 2008, the average compensation cost per New York City full-time employee was $106,743; this figure represents a system out of sync with the private sector and an opportunity to limit the growth of the City’s liability in the future while continuing to provide fair and adequate compensation to the City’s employees.
CBC commends Mayor Bloomberg's effort to curtail pension costs and explains the generosity of New York City's pension benefits in comparison to various peer groups.
This is a summary of a CBC report that analyzes New York City's municipal worker compensantion and fringe benefits. In this report the Commission urges the Mayor and union leaders to negotiate reasonable changes in fringe benefit policies that will yield recurring savings.
