The Tier 6 pension loophole for cops, firefighters by E.J. McMahon | | NY Torch

The Tier 6 pension “reform” enacted by New York last year applies to all state and local employees who join the state Employee Retirement System or the Police and Fire Retirement System after April 1, 2012

DiNapoli’s limited “vision” by E.J. McMahon | | NY Torch

State Comptroller Thomas DiNapoli appeared at the New School in Manhattan last night to present what his office billed as “A Vision for the Future of Retirement Security in New York.

Concerning those dirty Wall Street capitalists … by Nicole Gelinas | | NY Torch

Nicole Gelinas has a must-read op-ed in the New York Post today on the sinking fortunes of New York City's financial sector.  Her message: Thanks to Washington’s support for big banks, New York City has been a cocoon of prosperity compared to the ...

NY’s double-dip risk by E.J. McMahon | | NY Torch

“If the plodding national economy stumbles into another recession, New York — plagued by high unemployment and the prospect of a rising tide of layoffs on Wall Street — probably will take a tumble, too.” That’s the main takeaway from an article in today’s New York Times on the outlook for the city’s economy — which, of course, has inevitable implications for all of the Empire State.

The Port Authority’s bridge and tunnel alibi by E.J. McMahon | | NY Torch

Declining bridge and tunnel traffic is one of the factors cited by the Port Authority of New York and New Jersey as justification for its proposed toll and fare increase, which has met with a predictable reaction from Governors Andrew Cuomo and Chris Christie. But a closer look at the PA’s original traffic projections suggest they may have been inflated to start with.

The taxpayers’ pension risks by E.J. McMahon | | NY Torch

When Comptroller Thomas DiNapoli announced last month that New York's state and local pension fund had earned 14.6 percent on its investments in fiscal 2010-11, the AFL-CIO's Dennis Hughes said the the comptroller's numbers had "call[ed] into questio...

State finances: still in the tunnel by E.J. McMahon | | NY Torch

The image on the cover of New York State's first quarter financial plan update is obviously meant to convey the sense that there's not only a light visible at the end of the budgetary tunnel, we're just about to emerge into broad daylight. But the re...

Promises, promises by E.J. McMahon | | NY Torch

And speaking of debt: in its latest report on the newly adopted New York City budget, the state Financial Control Board says the city's unfunded liability for "other post-employment benefits" (OPEB) could approach $100 billion in three years. As show...
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