Watchdog group warns on Cuomo pension savings plan
Syracuse (WSYR-TV/AP) - A non-partisan watchdog group is echoing Syracuse Mayor Stephanie Miner in voicing concerns about the Governor’s proposal regarding pension savings.
According to the Citizens Budget Commission, Gov. Andrew Cuomo’s plan to allow local governments to bank now on projected future pension savings will endanger communities.
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.
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 critics, saying their analyses are based on incorrect data and assumptions.
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