New York Comptroller Thomas DiNapoli is warning that local governments across New York will be facing large hikes in their pension costs in a couple years, thanks to the state’s recession-battered pension fund. By early 2012, municipalities will have to pay more than 16 percent of their payroll toward pensions, up from just under 12 percent this coming year,...
View full sizeNew York State comptroller Thomas DiNapoli delivers a keynote speech at the Central Upstate Regional Alliance's New York's Creative Core Emerging Business Competition at the Whitman School of Management at Syracuse University in this photo from April 17, 2009. DiNapoli is warning municipalities that they will have to take on a greater share of the state retirement fund in a couple years.New York Comptroller Thomas DiNapoli is warning that local governments across New York will be facing large hikes in their pension costs in a couple years, thanks to the state’s recession-battered pension fund. By early 2012, municipalities will have to pay more than 16 percent of their payroll toward pensions, up from just under 12 percent this coming year, he explained.
That warning generated a flurry of comments online, many focused on the increase in taxes this will mean. Here's what one syracuse.com user, libnproud, had to say:
The problem is that back in the 90's when Clinton was in office and times were good and we had peace, prosperity, and a surplus in the pension funds, NY State let those employees who had 10 years or more in the system stop contributing. Stupid, stupid, stupid. But, as I always say, the average Joe is not the problem; retired police, fire, and the layers of overpaid deputy commissioners, superintendents, and highly paid management types are bankrupting the system when they retire.
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