The media keeps discovering this pension cost story and is perpetuating a myth in all of it......
The rapidly rising contribution rates for local governments is not because of the stock market, or a surge in baby boomer era retirements. Those were givens in life.
It's because for decades the state presided over an underfunded and overly generous system routinely gamed (legally) and now coming home to roost.
Contribution rates were low in many years as the Legislature added "sweeteners" such as the elimination of employee contributions in Tier 4 after ten years, leaving the system with little joice but the rapidly rising rates now as this years payouts are not coming from any "lock box", but instead are mostly funded by this years revenues.
I won't burden some of you with the case for further pension reform.
I am merely saying the media narrative (perpetuated by government seeking to place blame) that this is a stock market issue is a hoax.
Rate rise new worry - Times Union