Cuomo Kicking Pension Can 25 Years Seen as Perilous: Muni
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New York Governor Andrew Cuomo says his latest pension proposal would cut the budget gap of Syracuse by more than half.
Yet the mayor of the state’s fifth-largest city, a fellow Democrat, doesn’t want it. Nor do bond investors or Richard Ravitch, the former lieutenant governor who helped rescue New York City from its 1970s fiscal crisis. The measure would cut retirement costs for New York municipalities for five years, while locking in contribution rates for 25 years. The critics call it a form of borrowing that may leave localities overpaying and weaken New York’s pensions, the nation’s fourth best-funded.