New York State, its local governments and its public authorities have promised their employees well over $200 billion in future retiree health benefits that no money is set aside to pay for, as we documented in our “Iceberg Ahead” report in late 2010. This unfunded liability translates into an enormous and growing debt that current and past generations of taxpayers have pushed onto future generations. Read More
New York State’s biggest public pension fund underperformed last year, returning 154 basis points less than the 7.5 percent return assumed in its actuarial calculations, which in turn ultimately drive taxpayer-funded pension contributions. Read More
The expected state court battle over newly enacted public pension changes in Illinois will bear close watching throughout the country–especially in New York. That’s because, when it comes to protecting pension benefits, the 1970 Illinois State Constitution closely follows the wording of New York’s 1938 State Constitution. Read More
In a landmark case brought by the Empire Center with the support of major news media and good government watchdog organizations, the public’s right to know the identities of public pension recipients in New York will be at stake in arguments heard next week by the state’s highest court. Read More
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 Read More
Based on initial reports of Governor Cuomo’s pension deal with the Legislature –no defined-contribution option,* more marginal changes in other benefit levels for traditional defined-benefit pensions– the union reaction is absurdly (if predictably) over the top. Read More
So, what to make of this Tier 6 pension thing? Is it truly “bold and transformational” ? Read More
Effective July 1, some newly hired non-union employees of state and local government in New York will be able to opt into the same defined-contribution retirement plan that’s been available for nearly 50 years to faculty and staff of the State University of New York. Read More