Skip to primary navigation Skip to main content

Cuomo pushes back to criticism over his pension plan

By Tom Precious

ALBANY – Gov. Andrew Cuomo isn’t taking kindly to some gentle criticism from state Comptroller Thomas DiNapoli over his plan to help localities save pension costs in the near term in return for possibly higher costs down the road.

Cuomo, on Albany’s WGDJ radio station this morning, said that if DiNapoli has a better idea, “I would love to hear it.”



“Maybe he can increase the performance of the fund,’’ Cuomo said of the massive state and local government pension system that DiNapoli oversees. The investment performance of the fund shapes how much the state and local governments have to pay for their workers’ retirement plans.

The comptroller’s office told The New York Times that DiNapoli has “serious’’ concerns about the Cuomo plan, but that he is still studying the idea. The most interesting concerns have been raised over the past week, including again on Monday, by Syracuse Mayor Stephanie Miner, who is Cuomo’s handpicked co-chair of the state Democratic Party.

“If a mayor doesn’t want to do it, they don’t do it,’’ Cuomo said of his voluntary pension plan.

“If people think that’s not a good option, fine. Do you have a better option?’’ Cuomo said. 

The governor's plan has been described as a “kicking the can down the road’’ idea that pushes off short-term pension liabilities for localities to the long term that could lead to massive balloon payments at some unknown time. Critics say it is also based on questionable projections for performance by the pension system on Wall Street over the years. Cuomo said his plan was run by experts who called it, he said, “prudent."

tagged

Albany | Andrew Cuomo
comments powered by Disqus
Advertisement

About Politics Now

Robert J. McCarthy

Robert J. McCarthy

A native of Schenectady, Robert J. McCarthy came to The Buffalo News in 1982 following a six-year stint at the Olean Times Herald. He is a graduate of St. Bonaventure University, and has been covering local, state and national politics since 1992.

rmccarthy@buffnews.com


Tom Precious

Tom Precious

Tom Precious joined The Buffalo News in 1997 as bureau chief at the state Capitol, where he covers everything from statewide politics and state government fiscal affairs to health care, environmental and municipal government matters. Prior to The News, he worked for news outlets in Albany and Washington, DC.

tprecious@buffnews.com


Jill Terreri

Jill Terreri

Jill Terreri is an Amherst native and has covered politics and government in upstate New York since 2003. She joined The Buffalo News in 2012 and covers City Hall.

@jillterreri | jterreri@buffnews.com


Jerry Zremski

Jerry Zremski

Jerry Zremski, The Buffalo News Washington bureau chief, has reported from the nation's capital since 1989 after joining The News as a business reporter in 1984. A graduate of Syracuse University, Zremski is a former Nieman fellow in journalism at Harvard University. In 2007, he served as president of the National Press Club.

@JerryZremski | jzremski@buffnews.com

Subscribe

Advertisement