Posts tagged re-amortize
Op-ed: Kathy Hochul’s Get-Past-November Budget
May 28, 2026 // Now for the category of making the state less affordable: Democrats reversed some of the state’s 2012 pension reforms. Teachers hired since those reforms will now be able to retire at age 58, instead of 63. The budget also slashes employee contributions to their pensions, and allows police and firefighters to count more overtime pay toward their pension calculations. These pension sweeteners are expected to cost the state and local governments $557 million a year. That will invariably mean higher taxes down the road. Democrats are helping Mr. Mamdani pay for them by allowing the city to re-amortize its pension liabilities, which will save $2.3 billion between this and next year while increasing costs in the long run by $5 billion.