Watchdog group warns on Cuomo pension savings plan
Posted at: 02/25/2013 2:20 PM
By: AP
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ALBANY, N.Y. (AP) - A budget watchdog group warns that Gov. Andrew Cuomo's proposal to allow local governments to bank now on projected future pension savings will endanger communities.
The nonpartisan Citizens Budget Commission joined a growing number of critics on Monday. The plan would allow local governments to use a fixed, lower rate for current pension costs based on projected savings over 25 years through a new pension system. It counts on lower costs years from now.
Syracuse Mayor Stephanie Miner had raised concerns about Cuomo's proposal as risky and ineffective for hundreds of local governments statewide facing fiscal crises. She says other options are needed.
The Cuomo administration disputes those analyses as based on incorrect data and assumptions.
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