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Aug 25, 2011

Statement from Comptroller Maragos: Governor Cuomo and Comptroller DiNapoli Must Take Immediate Steps to Reign in Projected 26% Pension Premium Increases

Thousands of Local Government and School Jobs May Be Lost

Again we are reminded by State Comptroller DiNapoli about the up to 26% increases in 2012 Pension contributions and 19% further increase for 2013 demanded by New York State from Nassau County taxpayers to meet its commitments to retirees. This increase will cost the Nassau County taxpayers an additional $32.1 million in 2012 and then an additional $29 million in 2013.

These type of pension contribution increases make a mockery of the 2% tax cap imposed on local governments and will force Counties, Towns, Villages and Schools to lay off thousands of hard working residents. Ultimately the State Pension System will also fail to meet its commitments to the retirees as more and more municipalities are unable to pay.

I call on the State Comptroller and Governor Cuomo to immediately take steps to reform the State Pension System in order to reign in premium increases, protect its solvency and move towards a defined contribution or 401K plan for new hires.