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Public worker pension costs rise again

September 1, 2012
Associated Press

ALBANY (AP) - New York taxpayers who are already rocked by rising pension costs for retired public workers are about to get socked again.

New York State Comptroller Thomas DiNapoli says public pension contributions from the state, local governments and schools will rise another 2 percentage points. That means employers will have to contribute almost 21 percent of salaries to the pension fund instead of less than 19 percent, a difference that adds up quickly.

The New York Conference of Mayors says the difference in dollars will mean pension costs have nearly tripled since 2010.

The increase reflects the cost of the pension fund, which DiNapoli controls, continuing to absorb losses from the stock market in 2008 and 2009 during Wall Street's collapse.



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