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Moody's Says New York's Pension Contribution Deferment Plan Has Long-Term Risks
Governing Link to more items from this source
Apr. 8, 2013

"New York's new plan to allow financially strained municipalities to partially defer their pension payments carries a long-term risk that won't outweigh the short-term relief ... Such a move would increase the unfunded pension liabilities of participating local governments and could hurt their credit outlook, according to Robert Weber ... Without the legislation, local governments would have had to contribute an average 20.9 percent of salaries for ERS, 28.9 percent for PFRS and 16.5 percent for the Teachers Retirement System (TRS) in fiscal 2014. The new law will allow localities in fiscal years 2014 and 2015 to pay a fixed rate of 12 percent for ERS, 20 percent for PFRS and 14 percent for TRS."

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