Tag: Public Pensions

Kathy Marchione, 58, “retired” as Saratoga County Clerk before taking office as a state senator this year. That reportedly qualified her to start collecting a $66,000 pension—the equivalent of a job paying over $70,000 a year, after adjusting for the fact that pensions are not subject to payroll or state income taxes. Which is not too shabby, considering the average private sector pay in the Capital Region was just over $43,000 as of 2011... Read More

So, in the end, the state’s pension guardian caved, after all. To his credit, Comptroller Thomas DiNapoli did not embrace Governor Cuomo’s dubious proposal to allow localities to massively underpay pension contributions to the New York State and Local Retirement System... Read More

Requiring timely payment in full of every employer’s actuarially determined annual required contribution is among the hallmarks of pension fund probity, in both the public and private sectors. Unlike many of its counterparts in other states, the New York State Teachers’ Retirement System (NYSTRS) has always lived up to that high standard. Until now. Read More

The statewide teachers union is celebrating a court ruling that, in contravention of long-established precedents, would allow the New York State Teachers Retirement System to treat the identities of its pension recipients as confidential information. The Empire Center will be seeking leave to appeal the case, as our director, Tim Hoefer, announced yesterday. Read More

OK—I admit it. Those protestors outside our pension reform event in Albany today did get one thing right. I do think people need to “gamble” some of their retirement savings on Wall Street. Read More