Comptroller: Expect pension costs to rise

NORWICH – The New York Council of Mayors warned its membership last week that 2011 pension contribution rate increases would be dramatic.

New York State Comptroller Thomas P. DiNapoli released increases in the range of 11.9 percent of payroll for non-uniformed employees (up from 7.4 percent in 2010) and 18.2 percent for police and fire (up from 15.1 percent in 2010). 

“These dramatic increases are attributable to the weakened economy and the resulting declines in the Common Retirement Fund, which lost 26.3 percent of its value for the fiscal year ending March 31, 2009,” said Peter Baynes, executive director, New York Council of Mayors (NYCOM).

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