Report Finds New York State Pension Payouts Are Excessive
By: NY1 News
TWC News: Report Finds New York State Pension Payouts Are Excessive
Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.
out of 10
Free Video Views Remaining
To get you to the stories you care about, we are offering everyone 10 video views per month.
Access to our video is always free for Time Warner Cable video customers who login with their TWC ID.
To view our videos, you need to
install Adobe Flash 9 or above. Install now.
Then come back here and refresh the page.
A new report shows New York taxpayers are funding fat pension payouts for government retirees.
The report by the Citizens Budget Commission concluded that retirement packages offered to New York City and state employees are more generous than those provided by other governments or the private sector.
The CBC says that by 2008 pension contributions are projected to grow to more than $$4.5 billion and health-insurance payments will increase to more than $$3.4 billion.
Cutting pension benefits for current employees would require an amendment to the state constitution, action by two successive Legislatures, and a voter referendum.