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Citizens Budget Commission opposes Cuomo’s pension smoothing plan

Posted By Joseph Spector On February 25, 2013 @ 1:20 pm In Other | Comments Disabled

The Citizens Budget Commission, a business-backed group, said in a letter today to Comptroller Thomas DiNapoli and the Teacher’s Retirement System that it opposes Gov. Andrew Cuomo’s pension-smoothing plan.

Cuomo proposed in his 2013-14 budget to let local governments and schools pay a fixed flat rate for pension costs over the next 25 years—rather than deal with the expected spikes over the next few years.

Some local governments support it, others—particularly Syracuse Mayor Stephanie Miner—are opposing it.

The CBC’s president, Carol Kellerman, wrote that the proposal is too risky and could endanger the pension fund.

“Although the motivation for pension contribution “stabilization” is understandable, the governor’s proposal does not provide meaningful, long-term relief for localities in fiscal distress and endangers the viability of the pension funds,” Kellerman wrote. “It would undermine the culture and history of paying the pension bills when they are due that characterizes New York. We urge you to reject the proposal.”

Letter Pensionplanosc 02252013 [1] by jspector [2]


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URLs in this post:

[1] Letter Pensionplanosc 02252013: http://www.scribd.com/doc/127198866/Letter-Pensionplanosc-02252013

[2] jspector: http://www.scribd.com/jspector