NY Pension Costs to Rise by More Than $4 Billion Under New Plan
- Legislature wants to roll back part of 2012 reform under Cuomo
- Benefit boost would ease labor shortage, state senator says
Public employee pensions are calculated primarily on years of service and final average salary.
Photographer: Angela Weiss/AFP/Getty ImagesTaxpayer contributions to New York City and state pensions would rise by more than $4 billion if Governor Kathy Hochul yields to a legislative proposal that would sweeten benefits for some public employees.
Lawmakers and unions argue that pension changes pushed through by former Governor Andrew Cuomo 12 years ago have made it more difficult to recruit public employees, contributing to a labor shortage and hurting services. The legislation, under consideration as part of the state budget, would benefit city and state employees affected by the overhaul but also put more of a financial burden on governments — facing $5 billion deficits — to fund the measure.