New York Local Government Pension Woes Worsen

The financial troubles for local governments worsened when Comptroller Thomas DiNapoli announced they will need to pay 61 percent more in pension costs in 2011. Although anticipated, the announcement did little to quell concerns of town, village and county governments, which are already grappling with declining sales-tax revenue and higher costs for health insurance and state-mandated programs. The pension fund for public workers will increase in 2011 from 7.4 percent of payroll to about 12 percent, slightly higher than projections a few months ago, DiNapoli said. See attached link for full article.

http://www.democratandchronicle.com/article/20090904/NEWS01/909040343/1002/RSS01

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