According to the Hoover Institution, NY is #11 in actual vs. required to prevent rise in underfunded liabilities.
http://www.hoover.org/sites/default/...breadypdf1.pdf
Don't worry Phoenix made the list...
Interesting read, I don't think the money will be there, who will bail them out?
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Thanks for sharing, when the economy tanks, and it will pension busts can remediated by increase in taxes, borrowing, the Feds, or re negotiation of benefits. Cuomo is already worried about more NY exodus when/if the Trump budget plan executes his mortgage bill, and you can bet Andy is losing sleep over that one. Like always people will move to states that take less out of their pockets. Connecticut is screwed.
Personally I don't plan on staying in a state that can't read much less understand a balance sheet or profit and loss statement. So like diversity, liberals can bask in the good feelings of knowing they are helping their fellow comrades.
[QUOTE=WNYresident;1722258]Millions in population?
in 2016 Maricopa County AZ was gaining 222 people a day , The 1st 3 Months of 2017 Maricopa County now is gaining nearly 300 people a day and is increasing every day, add this with Pinal & Pima Counties who are also adding significant amount of people everyday adds up to adding 100,000+ every year + year = millions
Growth Fuels Growth and with extra Billion dollars to play it, it's being reinvested in infastructure for future growth
http://azbex.com/1b-windfall-boosts-...lley-freeways/
The City of Phoenix alone with the extra money is building the South Central Light Rail line & Sky Rail extension http://azbex.com/phoenix-cip-jumps-more-than-30/
Last edited by jennifer7; May 25th, 2017 at 12:51 PM.
It's almost impossible to renegotiate pension benefits in NY once they're granted. The state constitution prevents diminution of public pension benefits. New pension tiers can be created by the legislature any time for new hires. But the savings take years to kick in as workers in the earlier tiers work their way through the system. The solution is to adopt a defined contribution system akin to a 401k. My understanding is that SUNY faculty have the option to participate in similar program offered through TIAA-CREF. They can direct the investment their money across a range of investment alternatives. While underfunding is a problem for the system, the biggest threat to the system is the continuing agaitation by Cuomo & the Democrats in the state Assembly to take control of the pension system away from the state comptroller and hand it over to a group controlled by Cuomo and the legislature. If that is done the pension system will be drained in months as Cuomo and the the Dems hand the money over to their friends.
Erie County's shrinking tax base is being felt, BNIA Airport is showing less passengers are using the Buffalo Airport & the NFTA Light rail is showing decreasing ridership yet they want to extend it to Amherst in 2027 with no funding in place
http://www.wkbw.com/news/passenger-c...stern-new-york.
http://buffalonews.com/2017/05/24/me...ks-extensions/
Last edited by jennifer7; May 25th, 2017 at 05:55 PM.
100% good point. If anyone is curious,
http://www.syracuse.com/politics/ind...w_yorkers.html
Reform all you want, calpers has done a few reforms, still need a lot of money to catch up. Phoenix and others can only kick the can down the road for so long. The new revenue has to pay for new pet projects, etc not old pension promises
Buffalo & Erie County has no pension reform at all , Not even a whisper, It's full steam ahead with Pension spiking, yearly Longevity pay, 6 figure cash back bonus of unused vacation & sick time in a whole 30 to 35 year career etc... Yet Buffalo & Erie County is bleeding population & business's causing the tax base shrink daily
Erie County & Buffalo both have Control Boards, going on 10 years tells you something
Phoenix & Maricopa County is the total opposite, Their is mass Pension Reform, The Tax base is growing, actually the tax base is exploding with growth daily, not bad for Maricopa County to have over a 1 Billion dollar surplus in 2016. Maricopa County must be doing something right
The only question left is, is how high will your taxes go before you won't able to afford them
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I think if the mortgage interest part of the budget passes, the top 4 dem party states will hurt the most.
I've posted this several times, the best thing for a lot of cities is to declare bankruptcy. Get out of the poor contracts of the past.
Serious question, do you think any of the people paying into the system now believe they will have money for them when they retire? Touchy subject
WS First, Calpers was caught as being one of the least effective public pension systems in the country. They blamed everyone under the sun for the systemic problems caused by mismanagement and they sued everyone in sight, using the courts and a friendly press to extort money from other entities to cover their own mismanagement.
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