Gov. Hochul, NY state legislature’s disgusting – Latest News
Looks like New York lawmakers are laser-forced on boosting “affordability” for themselves: A 3rd of the Legislature stands to gain personally from the coming public-pension giveaway.
Overall, more than half of New York’s 780,000 public staff are in line for a windfall as Albany appears to roll back the 2012 pension reforms that made retirement advantages much less obscenely beneficiant for anybody employed after 2012.
Their advantages nonetheless beat most within the non-public sector, however public sector unions demand more, and the state’s leaders are poised to burn an estimated $1.5 billion a 12 months on these pension sweeteners.
That contains about $330 million from the annual metropolis funds, over half what Gov. Kathy Hochul guesses City Hall will pull in from her pied-a-terre tax.
And the harm might be worse, up to $2 billion a 12 months for the town alone, if the rollback is retroactive.
The “reforms” would additionally transfer the retirement age from 62 down to simply 55 after 30 years of public employment, as a result of … nicely, as a result of the unions need it.
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State lawmakers already draw six-figure incomes for roughly 60 days of precise legislative work, however information web site The City has recognized 74 state legislators eligible for this windfall, together with 11 Republicans — who all, aside from Assemblyman Michael Fitzpatrick of Suffolk County, assist this taxpayer rip-off.
During his 23 years in workplace, Fitzpatrick has pushed to shift all state staff away from the present defined-benefits pension system to a defined-contributions plan, just like a 401(ok).
Since the unions push to roll back each reform that passes (that’s why this one is “Tier 6”), that’s seemingly the one option to really finish the decades-long metastasis of public-employee pension advantages.
The state Conference of Mayors, Association of Counties and Association of Towns warned Tier 6 rollback “would force local governments to make impossible choices: cutting essential services, eliminating positions, or seeking property tax increases that local taxpayers cannot afford.”
Gov. Hochul and the Legislature’s leaders plainly don’t care: Boosting affordability for normal New Yorkers takes a backseat to the inside-Albany greed sport.
