Normally, if a state governor came up with a pension proposal that might save the taxpayers a huge chunk of change and help reset the books, there'd be jubilation. High-fives all around. It might even bump up some bond ratings.
But news this week that New York Governor Andrew Cuomo has opted to solve that state's public pension issues by cutting his cities' retirement costs and locking in their pension contribution rates for the next quarter century - that has not created quite the tidal wave of good will, as perhaps expected.
The pay-it-forward (or later) mathematics, according to a handful of experts and local leaders interviewed in a Bloomberg profile, helps put New York at risk of actually weakening its pension funding in the future, as well as socking it to the municipalities.
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