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Teacher pension costs to jump 37 percent

Feb 14, 2013 6:34 am
Rick Karlin reports in the Times Union the pension contribution rate for teachers and other workers will increase 37 percent in the coming year. Much of that increase was driven by waves of baby boomers retiring, combined with low investment returns since the 2008 financial crash. School districts have been advised to allocate more than 16 percent of their total payroll for retirement costs next year. The $90.9 billion teachers retirement investment fund performed less well than expected last year. Cities, towns and counties are also struggling with rising pension costs. The state Employee Retirement System, similar to the teachers fund, said contributions by localities are going up 11 percent. In New York, public pensions are guaranteed by the state constitution. Read the full story in the Times Union.
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