Report Finds New York State Pension Payouts Are Excessive
By: NY1 News
NY1: Report Finds New York State Pension Payouts Are Excessive
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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.