Filed Under:Life Insurance, Life Planning Strategies

Pay it forward — way, way forward

New York Gov. Andrew Cuomo presents his 2013-14 Executive Budget address. (AP Photo/Mike Groll)
New York Gov. Andrew Cuomo presents his 2013-14 Executive Budget address. (AP Photo/Mike Groll)

Normally, if a state governor came up with a pension proposal that might save the taxpayers a huge chunk of change and help reset the books, there'd be jubilation. High-fives all around. It might even bump up some bond ratings.

But news this week that New York Governor Andrew Cuomo has opted to solve that state's public pension issues by cutting his cities' retirement costs and locking in their pension contribution rates for the next quarter century — that has not created quite the tidal wave of good will, as perhaps expected.

Originally published on BenefitsPro. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Nichole Morford

Nichole Morford
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