Taxpayer-funded employer contributions to public pensions in New York State will rise by billions of dollars in the next few years, threatening to divert scarce resources from other essential public services in the midst of a fiscal crisis, according to a new report from the Empire Center for Public Policy. Read More
Defenders of public employee pension systems often make the case that pension benefits are not all that generous. The outrageous cases you see on the news — Long Island police retiring in their 40s with pensions in excess of base pay, administrators “retiring” with six-figure pensions and then going back to work with another government agency, one ex-FDNY firefighter running marathons on his $86,000 “disability” pension — are the exceptions, they say. Read More
Pension reform is now New York City's "No. 1 priority in Albany," Mayor Bloomberg announced in his State of the City message this week. Read More
As states struggle with enormous deficits and exploding pension costs, some analysts are urging Congress to enact a law enabling states to declare bankruptcy the way municipalities can under Chapter 9 of the federal bankruptcy code. Read More
Reducing pension benefits for New York’s next generation of municipal workers, as Mayor Bloomberg proposed last week, would gradually move pension costs to a lower plateau in the coming decades. And despite the union caterwauling that greeted Mr. Bloomberg’s plan, city employees would continue to receive pensions far more generous than those available to private-sector workers. Read More
Wisconsin Gov. Scott Walker’s broad challenge to government unions won’t be replicated in New York state anytime soon. Read More
The New York City Police Pension Fund had no legal basis for refusing last year to release the names of retired police officers in response to a Freedom of Information Law (FOIL) request from the Empire Center, according to an appellate brief filed by the Center this week. Read More
The stock-market crash of 2000-02 lit the fuse on a decade long explosion in taxpayer-funded contributions to New York City’s municipal-pension systems. But a new report from Comptroller John Liu shows that roughly half the damage was avoidable -- resulting from the city’s own bad policy choices and mismanagement. Read More