Newsday had a story the other day about a $30 billion drop in state pension funds that includes a paragraph I find staggering:
(State Comptroller) DiNapoli announced in early September that the average contribution rate for state and local government employers would be 7.4 percent of payroll in 2010, down from 8.5 percent in 2009. The rate for police and fire departments would fall to 15.1 percent of payroll in 2010 from 15.7 percent in 2009.
Which is to say, that for every cop making, say, $75,000, the city, town or village they work for has to kick in another $11,775.
It’s no wonder that a study by the Empire Center for Public Policy found pension costs are bleeding budgets around the state.
The last few years have seen a dramatic surge in public pension costs in New York State … Tax-funded contributions to public pensions in New York State rose from $1 billion in 2000 to $6.7 billion as of 2005.
Could this state be in any worse financial shape?
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