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.

More Local Headlines

in Local

Upstate police chief offers “angels” to help drug addicts


COOPERSTOWN — An upstate New York police chief says starting today, his department is looking to make a “revolutionary change”…

in Local

Cornell frat faces suspension after hazing allegations


Officials at Cornell announced suspension of Kappa Sigma fraternity on Wednesday; hazing allegations are now under investigation by school, national chapter

in Local

Cortland Police searching for 2 bank vandals


Police say on Nov. 21, two people seen in surveillance photos did damage to drive-thru camera system at Tompkins Trust Company on Main St. in Cortland

in Local

Salmonella risk in raw milk products from Freeville farm


State Department of Agriculture and Markets announced Wednesday that Salmonella risk was discovered after test of raw milk at Jerry Dell Farm in Freeville

in Local

Jury to return Monday at Sheldon Silver corruption trial

sheldon silver

Judge urged jurors to come up with verdict before end of deliberations Wed.; Silver is accused of collecting millions in kickbacks for legislative favors