Comptroller: Expect pension costs to rise
NORWICH – The New York Council of Mayors warned its membership last week that 2011 pension contribution rate increases would be dramatic.
New York State Comptroller Thomas P. DiNapoli released increases in the range of 11.9 percent of payroll for non-uniformed employees (up from 7.4 percent in 2010) and 18.2 percent for police and fire (up from 15.1 percent in 2010).
“These dramatic increases are attributable to the weakened economy and the resulting declines in the Common Retirement Fund, which lost 26.3 percent of its value for the fiscal year ending March 31, 2009,” said Peter Baynes, executive director, New York Council of Mayors (NYCOM).
City of Norwich Mayor Joseph Maiurano said the issue of retirement fund contributions “needs to be addressed” and taxpayer hits won’t go away “until we have all police and fire making contributions to their retirement funds.”
“We have made some headway by having new employees pay their share. It is time for legislation so everyone pays their share,” he commented in an e-mail to the paper.
Last week, representatives from the comptroller’s office met with staff from NYCOM and other local government associations to advise them of the upcoming rate increases. The comptroller has proposed that local governments amortize a portion of their pension costs over a 10-year period.
“While we appreciate the comptroller’s efforts to provide local governments with the option to better manage the impacts of pension costs on municipal cash flow, we ... emphasize the need for a long-term solution, specifically recommending a change to the underlying benefit structure and the creation of a new pension tier,” said Baynes.
New York State Comptroller Thomas P. DiNapoli released increases in the range of 11.9 percent of payroll for non-uniformed employees (up from 7.4 percent in 2010) and 18.2 percent for police and fire (up from 15.1 percent in 2010).
“These dramatic increases are attributable to the weakened economy and the resulting declines in the Common Retirement Fund, which lost 26.3 percent of its value for the fiscal year ending March 31, 2009,” said Peter Baynes, executive director, New York Council of Mayors (NYCOM).
City of Norwich Mayor Joseph Maiurano said the issue of retirement fund contributions “needs to be addressed” and taxpayer hits won’t go away “until we have all police and fire making contributions to their retirement funds.”
“We have made some headway by having new employees pay their share. It is time for legislation so everyone pays their share,” he commented in an e-mail to the paper.
Last week, representatives from the comptroller’s office met with staff from NYCOM and other local government associations to advise them of the upcoming rate increases. The comptroller has proposed that local governments amortize a portion of their pension costs over a 10-year period.
“While we appreciate the comptroller’s efforts to provide local governments with the option to better manage the impacts of pension costs on municipal cash flow, we ... emphasize the need for a long-term solution, specifically recommending a change to the underlying benefit structure and the creation of a new pension tier,” said Baynes.
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