In other words, they want the rest of New York to pay more taxes. From Meep at STUMP, we get the following. New York Pension Watch: Public Employee Unions Ask for Pension Sweeteners!
New York State has somewhat managed its public pension situation, unlike states like Illinois and New Jersey, by greatly reducing its promises to new entrants
Obviously, the (relatively) new entrants are not happy about having lower promises … and they think they may be able to get vulnerable politicians to agree to retroactively boost their benefits … because once boosted, they will not be able to be unboosted
So they took a field trip to Albany last weekend to yell THAT’S NOT FAAAAAIR
Instead of being happy that New York State looks like they will actually be able to pay those pensions, the state employees want to sign up for the deal that Illinois, and Chicago have, where at least some of the pensions are going to be bankrupt soon.
Chicago seems to hoping that they can hold off long enough to get a bailout from a Democratic administration. (Hey, they got a bailout during COVID.)
None of this is really complicated, and none of it is high finance. It is simple math, and simple responsibility. You made promises to pay people in the future. You should be saving the money you need to fulfill those promises. New York has done that by limiting the future promises. The alternative is to default on everything.
Click thru for the details.
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