New York is a mess, so it’s no surprise that lawmakers in Albany are looking to sweeten pensions for public employees. One of the measures introduced will cost the state a whopping $1.1 billion.
On February 13th, lawmakers in the New York State Assembly had a busy day: they introduced eight bills enhancing the pension benefits of public employees and retirees. These bills would add at least $1.35 billion in costs to State and local employers. Most costly is A4890, which would increase the benefit multiplier from 1.5 percent to 2 percent of final average salary for service rendered after 30 years. The bill was introduced by Assemblymember Peter Abbate and would impose a one-time cost on the State of $1.1 billion and an additional annual contribution of 0.2 percent to cover members of the Tiers 2, 3 and 4 pension plans.
There’s also a chart showing the proposals and the costs to the taxpayers.
Of course, there are no “sweeteners” for the private sector taxpayers supporting these schemes. Good grief.