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
The final version of the Public Protection and General Government budget bill contains a new provision, originating in the legislative version of the proposal, that will allow the education commissioner to waive the $30,000 public employment earnings limitation for any retired police officer employed as a “school resource officer.” Read More
This just in: Governor Cuomo’s 2012-13 Executive Budget has been posted online, and it does, indeed, include a 401(1)k-style defined-contribution (DC) retirement plan option. Read More
The New York State and Local Retirement System (NYSLRS) closed its most recent fiscal year with a return of just 5.96 percent — well below the 7.5 percent target rate used to discount its long-term liabilities. Read More