State Comptroller Thomas DiNapoli likes to point out that he oversees one of the nation's best-funded public pension systems. That's true—although, given the competition, it's not nearly as impressive as it may sound.
Is New York State abiding by the recent U.S. Supreme Court ruling in Harris v. Quinn, which said that union fees cannot be collected from government-subsidized daycare providers who are not “full-fledged” public employees?
Local school boards and superintendents “are all over the map on” Proposal 3, the ballot initiative that would let the state borrow $2 billion for distribution to schools that want to buy new computers and build pre-kindergarten classrooms. So says Dr. Merryl H. Tisch—and as chancellor of the New York State Board of Regents, she ought to know.
In a resounding win for Governor Andrew Cuomo and for property owners across New York, a state Supreme Court justice in Albany has dismissed a teachers' union lawsuit that sought to invalidate New York State's property tax cap on constitutional grounds.
The New York City region, including Long Island and the Hudson Valley, accounted for 94 percent of the net new private-sector jobs created in New York State during the 12 month period ending in August, according to the state Labor Department's latest monthly jobs report.
On a year-to-year basis, New York's statewide job creation rate of 1.9 percent trailed the national private job creation rate of 2.1 percent. New York matched the (painfully low) 0.1 percent national private job growth rate on a seasonally adjusted monthly basis.
The $300 billion California Public Employees' Retirement System (Calpers), America's largest public pension fund, is eliminating its $4 billion stake hedge funds due to their "complexity, cost, and the lack of ability to scale," the fund's interim chief investment officer has just announced. But the the $180 billion New York State and Local Retirement System (NYSLRS), the nation's second largest public pension fund, is poised to move in the opposite direction.
New York's local governments are falling behind in "meeting their responsibilities to adequately maintain and improve" their physical infrastructure, says a new report from state Comptroller Thomas DiNapoli's office.
However, as the report points out, the problem isn't just a lack of money.
Public-sector unions are only "superficially" democratic, often leading them to take positions opposed by a substantial number of their members and to take more interest in retirement benefits for older members than in wages and working conditions, according to a new study.