Sentences with phrase «local government pension system»

ALBANY, NY (03/01/2011)(readMedia)-- CSEA and NYSUT disavow the «preliminary recommendations» of the Governor's Mandate Relief Redesign Team calling for a Tier VI in the state and local government pension system.

Not exact matches

· Allowing counties an option to modify how they fund state mandated pension contributions · Providing counties more audit authority in the special education preschool program · Improving government efficiency and streamlining state and local legislative operations by removing the need for counties to pursue home rule legislative requests every two years with the state legislature in order to extend current local sales tax authority · Reducing administrative and reporting requirements for counties under Article 6 public health programs · Reforming the Workers Compensation system · Renewing Binding Arbitration, which is scheduled to sunset in June 2013, with a new definition of «ability to pay» for municipalities under fiscal distress, making it subject to the property tax cap (does not apply to NYC) where «ability to pay» will be defined as no more than 2 percent growth in the contract.

The governor and the legislative leaders, meanwhile, announced an agreement on a budget scheme allowing the state and many local governments — but not New York City — to «borrow» nearly $ 6 billion over the next three years from the state pension system in order to use the funds to make required annual contributions back to the pension fund.

The governor called for a new tier in the state pension system that he said will save the state and local governments outside of New York City $ 83 billion and New York City $ 30 billion over the next 30 years.

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.

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.

Pension rates will increase for local governments as the system continues to recover from the initial economic recession and market crash of 2008, Comptroller Tom DiNapoli said today.

The reduced contribution rate — good news for local governments that pay into the state pension system for their public employees — was long anticipated from DiNapoli.

We also have to focus on reforming the public pension system — one of the most expensive mandates for local governments.

The call for reforming the Martin Act comes amidst a proposal to create a new pension tier in the retirement system, which would reduce pensions for new employees of state and local governments.

Similarly, with the financial demands of California's government pension systems just one more market downturn away from completely crippling local governments, bipartisan support for dramatic pension reform is inevitable.

Anyone who studies state and local government finance knows that the next big crisis is the sorry state of most state pension systems.