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Municipalities to see slight dip in pension costs

Aug 28, 2013 4:39 am
Jimmy Vielkind is reporting at Capitol Confidential the state's cities, counties, towns and villages will get some relief in the amount of money they have to set aside for employee pensions during the coming year. For the first time since 2010, rates for most workers will decrease by close to one percent. The contribution rate for police officers and firefighters will drop by more than one percent. Public workers draw their pensions from a common fund managed by state Comptroller Tom DiNapoli and employers, the various municipalities statewide, kick in more when the investments underperform. Municipalities had been bracing for an increase. Read the full story at Capitol Confidential, a Times Union blog.