NYC Taxpayers Face $500 Million Bill Under Pension Proposals

New York City taxpayers may face a bill of more than $500 million next year if proposals to increase public employee benefits are approved as part of the state budget.

Democratic Governor Kathy Hochul and Democratic leaders in the state legislature have expressed support for sweetening pensions for employees who joined state and city retirement systems after April 1, 2012. Unions argue that pension changes pushed through by former Governor Andrew Cuomo in the aftermath of the Great Recession made it more difficult to recruit public employees, contributing to labor shortages and poorer services.

The potential cost comes as Mayor ...