Defined Benefits

The measure aimed at restoring retirement funds for laborers and municipal workers passed today in Springfield, the capital, by a vote of 73 to 41 and moved to the Senate.

Now, it would be up to the city to decide how to raise revenue for pensions.

Theres money there to fund public pensions. It just isnt going to public pensions its going to wealthy corporations.

The city will ask a judge to let it send the disclosure statement to creditors to solicit their votes on the debt-reduction plan. The plan calls for cutting public worker pensions and some bond payments.

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 limit changes every year based on changes in the national average wage index. For earnings in 2014, the base in $117,000.