Pension costs for local governments are soaring, and elected officials are grappling with whether to utilize amortization or “smoothing” plans to help pay the bills.
But that wasn’t the case when former Comptroller H. Carl McCall was in office, he said Monday.
McCall, who ran unsuccessfully for governor in 2002 and now chairs the State University of New York Board of Trustees, said the fact that local governments paid little or nothing into the pension fund then had nothing to do with him. It was a different time and a different market, he said.
As for his thoughts on Gov. Andrew Cuomo’s pension stabilization proposal, which the governor said would allow local governments and school districts to pay a flat contribution rate for 25 years or more—McCall said he hasn’t reviewed it. While some local leaders said they would jump at the opportunity to save money in the short-term, critics have said Cuomo’s plan is a gimmick.
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