Search
 

Westchester joins record wave of N.Y. pension IOUs

New York state and localities including Westchester County borrowed a record $1.4 billion to cover retirement contributions this year, showing how even the wealthiest communities are struggling to make the payments.

By Freeman Klopott and Michelle Kaske | Updated on April 08, 2014

April 8 (Bloomberg) — New York state and localities including Westchester County borrowed a record $1.4 billion to cover retirement contributions this year, showing how even the wealthiest communities are struggling to make the payments.

The IOUs to New York’s $161 billion pension fund rose about 22 percent from last year, according to budget documents and data from Comptroller Thomas DiNapoli. The programs let the governments spread out some obligations over as long as 12 years with interest. The state put off $937 million and municipalities $472 million through two programs, one created by DiNapoli in 2010, the other by Governor Andrew Cuomo last year.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Rising Stars: BenefitsPRO Luminaries 2024 Honorees

Rising Stars: BenefitsPRO Luminaries 2024 Honorees

BenefitsPRO Editors |

This category honors individuals and organizations who have been in the industry for five or fewer years but have already made an immediate and outsized impact on their colleagues, organizations, clients or the industry as a whole.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.