Sentences with phrase «local government pension costs»

This legislation will help ensure that the public pension funds can recoup damages and alleviate state and local government pension costs.

Not exact matches

As more local governments find themselves unable to meet the increasing costs, particularly related to pensions and retiree health benefits, municipalities have begun to more seriously consider debt restructuring under the bankruptcy code as an option for right - sizing their budgets.

With state and local governments trying to find cost savings to deal with pension issues, it's hard to figure out why Congress eliminated this.

«I think the conference understands that something has to happen and we're going to come up with certain suggestions during the negotiations we believe will help local governments with their pension costs,» Skelos said.

«Years of overspending and exorbitant pension costs, compounded by a staggering recession, have left many of our local governments on life support.

Cuomo has long sought to consolidate and scale back the size of local governments in New York, which he has blamed for the state's high property taxes — an assertion budget watchdogs say is more tied to the cost of programs like Medicaid or employee pensions.

More than 90 pension - and benefit - sweetener bills have been introduced in the state Legislature that could cost state and local governments at least $ 200 million.

The bill allowing all veterans to buy added pension time was vetoed by Cuomo last year because, notwithstanding a clause in the governor's Tier 6 pension reform, it failed to appropriate money to cover the projected state and local government share of the «past service» catch - up cost of the measure.

Joe Spector, Gannett's Albany bureau chief, characterized Miner's letter as «scathing» in a story about how much money local governments are borrowing to pay for pension costs this year.

On the cost of pensions: Astorino said Syracuse Mayor Stephanie Miner is right when she says the biggest uncontrolled costs in local government are in employee pensions and health care.

Some local governments say these were the final steps before bankruptcy as they struggle to pay rising pension costs, payrolls and more on a shrinking and overburdened tax base.

Though pension costs are often only a small part of local governments» total budgets - 5 percent in Suffolk this year and 3.7 percent in Nassau - they're a growing burden, officials said.

Last, since pension costs are an expensive mandate for local governments, Governor Cuomo has created a new tier in the state pension system that would save local government's $ 79 billion over the next thirty years.

Our Karen DeWitt asked the Assembly leader if he was in favor of the «pension smoothing» plan outlined by the governor that will allow local governments to lock in a rate now to reduce current payments while defering a portion of the costs down the road.

At the same time, two major drivers of local government spending that officials on that level can't control, pension rates and Medicaid costs, are expected to decline and seen slower growth respectively.

Four years after he supposedly fixed the New Jersey pension system, Gov. Chris Christie is still seeking a solution to the costs crushing state and local governments around the country.

Miner and DiNapoli, Democrats both, have differed with Gov. Andrew Cuomo on a variety of issues (Miner was a state party co-chair, but openly challenged the governor on issues such as state aid to local governments and smoothing out pension costs).

«Although the CBC opposed this legislation, it was approved and has been used by 137 local governments and the State to lower short - run pension costs,» Kellermann wrote.

The win for central New York comes after Miner, a former state Democratic Committee co-chairwoman, has publicly criticized Gov. Andrew Cuomo's policies, including his proposal to smooth out pension costs as a way to alleviate local government costs.

Cuomo has sought reforms to Medicaid spending as well as pension costs, but local government leaders have said the adjustments need to go further at the state level.

Durant says the best way to reduce costs for schools and local governments, and reduce property taxes, is to get rid of mandates on governing health care, pensions, and limits on construction contracts.

Towns, cities, counties and other local governments will see another year of sharply rising pension costs to make up for the previous shortfalls created by the recession.

Pension costs are in fact a crisis for many local governments and will only get worse if we ignore them.»

Cuomo credits the budget, as well as agreements approved in mid-March, for implementing new teacher evaluations, pension changes that create a new tier of lowered benefits for public employees, and helping local governments with Medicaid costs.

More than 90 pension - and benefit - sweetener bills have been introduced that could cost state and local governments at least $ 200 million.

The governor says the alternative would be for local governments to lay off workers as they struggle to meet pension costs.

Local governments are squeezed by soaring health care and pension costs, combined with a recently enacted property tax cap.

«On top of that, Mr. Latimer voted against last year's historic property tax cap vote and he went MIA for Governor Cuomo's pension reform vote last week that will ease costs on local governments.

In upstate NY, local governments are in trouble because of rising pension and health insurance costs.

The governor was reminded by a top aid that he and the legislature approved a new pension tier, so that future workers will receive fewer benefits, saving the state, as well as local governments, billions of dollars in costs in coming decades.

· Protect Local Governments From State Pension Sweeteners: The new law requires the state to pre-fund any pension enhancers, ensuring that these costs are no longer passed to local governmLocal Governments From State Pension Sweeteners: The new law requires the state to pre-fund any pension enhancers, ensuring that these costs are no longer passed to local gGovernments From State Pension Sweeteners: The new law requires the state to pre-fund any pension enhancers, ensuring that these costs are no longer passed to local goverPension Sweeteners: The new law requires the state to pre-fund any pension enhancers, ensuring that these costs are no longer passed to local goverpension enhancers, ensuring that these costs are no longer passed to local governmlocal governmentsgovernments.

Executive Director Peter Baynes, in a statement, says local governments need help coping with unfunded state mandates, rising pension costs, and declining state aid.

«The agreement reached between the Governor and the Legislature on Tier VI will reduce pension costs for new employees, but this new tier will not significantly lower costs for local governments in the short run.

As a result, Cuomo, Bloomberg and business groups say, that pension costs are killing the state and local governments.

Cuomo says his plan to reduce skyrocketing costs of pensions for state and local governments is a seminal issue for his administration.

Still, while the City of Corning is thriving compared to many others in the Southern Tier, it's not immune to the economic pressures facing local governments across upstate: a stagnant tax base, rising pension costs and a limited ability to increase revenues due to the state property tax cap.

Robert Whalen, a spokesman for DiNapoli, said the poor performance of the markets in 2007 and 2008 is what led to the spike in pension costs, but stressed that the pension - borrowing was an option to provide «short - term relief» for local governments struggling with a slow recovery.

Had these losses not occurred, local governments would not be experiencing short - term increases in employer costs, and misguided calls for drastic pension cuts would not be occurring.

• When Tier 6 was adopted two years ago, the governor's Division of Budget projected it would reduce pension costs for state and local government by more than $ 35 billion over 30 years; and

Still, Cuomo remains proud of the property tax relief enacted under his administration, including the property tax cap that, while good for taxpayers, has left some local governments and school districts scrambling to constrain spending despite rising health care and pension costs.

They highlighted the remarkable achievements of the governor that have impacted positively on their lives such as «prompt payment of monthly salaries / pensions, other allowances to state public and civil servants; absorption of 54 % of total cost of 100 housing units at Elim Estate allocated to workers; payment of outstanding arrears of salaries / pensions / allowances to Local Government Staff, through prudent utilization of 100 % of LG share of the Paris Club Refunds; promotion of teachers and recruitment of over 4000 school teachers as well as elongation of terminal grade of qualified primary school teachers to level 16».

«While we still have much work to do to address the high costs of pensions and healthcare, the main drivers of expense to local governments, this year's executive budget keeps our funding for cities stable and begins smart investments into infrastructure and education which will pay long term dividends to all New Yorkers,» Miner said.

A report from author Andrew Biggs finds that transition costs should not prevent state or local governments from closing old pension plans and switching to a defined contribution, cash balance, or other hybrid plan.

California's annual pension costs have risen from 3 % of all state and local government revenue (i.e., «taxes») to nearly 10 % today, and there is no end in sight.

** Some state governments take full responsibility for teacher pension plans, other pass all the costs on to local school districts, while others split the responsibility between state and local governments.

Post-employment benefit increases — or cost - of - living adjustments known as COLAs — help to insulate retirees from the effects of inflation and are an important feature of most state and local government pension plans.