Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Skyrocketing Pension Costs Threaten Local Governments
By
Jon Hill
Published Jul 8, 2009
Modified Jul 8, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jon Hill
Published Jul 8, 2009
Modified Jul 8, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The latest happy tidings from that fountain of good news named Albany warn that ballooning pension costs may drain local government coffers in the next six years. As reported in today's NY Times, an analysis from the state comptroller's office forecasts that state pension costs will triple to $8 billion by 2015, and the only solution is—you guessed it—there isn't one! Upset by that prospect, NY State Association of Counties Director Stephen J. Acquario tells the Times: "It’s alarming, eye-popping and unthinkable...Where is this money going to come from?" In keeping with local custom, no one in Albany can agree on an answer. Governor Paterson wants to limit pensions for new workers, while Comptroller Thomas DiNapoli thinks instead that counties should borrow money from the state to cover the costs. Others believe a tax increase will have to be in the offing, but of course, the legislature is a bit indisposed at the moment. A strong economic recovery could help matters, but what's the bottom line here? Cut benefits or bottom out, says Zvi Bodie at the Boston University School of Management: "Going forward, we’re going to have to promise less."
Tagged
Albany
david paterson
financial crisis
pensions
state comptroller
stephen j. acquario
taxes
Jon Hill
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Man shot and killed on Midtown subway platform Saturday afternoon, NYPD says
Police said they're searching for a person of interest.
By
Ryan Kost
and
Elizabeth Kim
Published Oct 17, 2026 at 1:16 p.m. ET
Modified Oct 17, 2026 at 4:10 p.m. ET
Have you seen this Yorkie? NYPD looking for adorable pup dognapped from her Queens home
Suspects were driving a Subaru Forester, police said.
By
Ryan Kost
News
Have you seen this Yorkie? NYPD looking for adorable pup dognapped from her Queens home
Suspects were driving a Subaru Forester, police said.
By
Ryan Kost
Being reigning champions is weird for Knicks fans, but we could get used to this.
By
Catalina Gonella
Tompkins Square Park is getting a makeover. Some say it's too much.
By
Willow Higgins
Deer are all over New Jersey roads looking for sex, state officials warn
By
Rosemary Misdary
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .