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
Tag: Public Pensions
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
Gov. Cuomo seems close to unveiling his promised pension-reform plan for New York’s state and local governments. Read More
More than 1,200 retired New York State school teachers and administrators are entitled to annual pensions of more than $100,000, according to pension data posted today on www.SeeThroughNY.net, the government transparency website. The database from the New York State Teachers Retirement System (NYSTRS) includes name, benefit rate, retirement date and last known employer when available, for 136,644 people collecting pensions in 2010. Read More
In his opening message to the Legislature, Gov. Andrew Cuomo pointed out that public-pension costs are “exploding” across New York state. Read More