Governor Kathy Hochul (Susan Watts/Office of Governor Kathy Hochul) Gov. Hochul faces a challenge that will define her legacy as the state’s executive. To succeed, she must do absolutely nothing.
State government, municipalities and school districts give their retirees a taxpayer-guaranteed income. These sorts of pensions are increasingly rare in the private sector, in part because employers must pay more when investments don’t generate enough returns. That’s what happened in New York: taxpayers went from paying less than $1 billion into pension plans in 2000 to nearly $10 billion in 2010.
In response, governors and state lawmakers enacted two rounds of […]
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