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NY pension contribution costs lowered

NY pension contribution costs lowered

New York state Comptroller Thomas DiNapoli is lowering the employer contributions to the pension system made by governments, school districts and their taxpayers.

All have been slammed for years by pension cost increases.

The move should be a welcome break for governments and schools, which have been bracing for another increase.

Those pension costs are driving some local governments toward insolvency.

DiNapoli tells The Associated Press that the unexpected reduction in employer contributions came about because he accepted a recommendation from an independent analysis.

The analysis recommended a cut of about 1 percentage point in cost for a total payroll.

Governments and schools typically pay about 20% of their payrolls into pension funds.

Copyright 2013 The Associated Press.

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