In lieu of actual mandate relief, Governor Cuomo wants to make a seemingly irresistible offer to local governments. Read More
Tag: Public Pensions
The agreed-upon Tier 6 bill restores much of the benefit reduction originally proposed by Governor Cuomo–especially for career employees. Read More
It’s an open-and-shut case: The public has a right to know which retired public employees are earning pensions and just how much they’re pocketing. Read More
There was virtually nothing new in Comptroller Thomas DiNapoli’s speech on public pensions in Washington, D.C., yesterday — nothing the comptroller hasn’t said before, as recently as a month ago. Read More
Leveraging his clout as sole trustee of New York State’s $160 billion Common Retirement Fund, Comptroller Thomas DiNapoli is making increased use of corporate shareholder resolutions to push political and social agendas that have little or nothing to do with corporate performance Read More
The proposed Tier 6 pension for a general employee of state and local government who retires at age 65 after 30 years of service would be 50 percent of final average salary. The Tier 5 pension at the same age and for the same career duration is 60 percent of final average salary. In other words, measured on this basis, the Tier 6 benefit will be 17 percent less than the Tier 5 benefit. Read More
It sounds like Governor Cuomo may be wavering on the optional defined-contribution (DC) retirement plan that was the single most innovative aspect of his Tier 6 pension reform proposal. Read More
The inevitable is now official: Assembly Speaker Sheldon Silver today said Governor Cuomo should “work out” his proposed Tier 6 pension reform with public-sector labor unions. As the governor himself pointed out just last week, the Legislature effectively prefers to give unions a “veto” over any change–which, if it sticks, means there will no meaningful change at all. Read More