Feb 20, 2013 10:47 AM
Southampton Town could slash millions in spending in the coming years thanks to a state pension plan proposal floated by Governor Andrew Cuomo’s office—if the town chooses to participate.
In just the first year of the program, if it is ultimately implemented by the state, the town could save some $4 million in pension plan contributions, according to Town Comptroller Leonard Marchese.
The governor’s proposal offers to help small municipalities take advantage of expected long-term savings in pension costs from changes to the state Civil Service retirement program, years before the savings are actually realized.
The plan would allow governments and school districts to lock in their annual contributions to the state-managed pension fund for civil service employees at 12 percent of payroll, 18.5 percent for police officers, rather than the more than... more
In just the first year of the program, if it is ultimately implemented by the state, the town could save some $4 million in pension plan contributions, according to Town Comptroller Leonard Marchese.
The governor’s proposal offers to help small municipalities take advantage of expected long-term savings in pension costs from changes to the state Civil Service retirement program, years before the savings are actually realized.
The plan would allow governments and school districts to lock in their annual contributions to the state-managed pension fund for civil service employees at 12 percent of payroll, 18.5 percent for police officers, rather than the more than... more
