Friday, March 16, 2012

Olean: state pension change will have no immediate impact

Gov. Cuomo’s proposed sweeping reform of the state pension system won’t have an immediate impact on Olean taxpayers. City Auditor Frank Saradin tells WVTT news radio the plan is good…but there won’t be any impact in the near future.  Saradin says the city…like most local governments, still has two years of significant payback costs to the state…The recession hammered the pension funds...and the state fronted the money…so city’s like Olean have been paying back monster costs. Saradin says the city will feel some relief…but not for a few years. 

1 comment:

  1. When it's time to retire, often your pension plan reaches maturity and you're faced with some decisions. A great option is to transfer its accumulated value into a pension annuity. It seems simple enough, but with all the options offered to investors, it's hard to know what's best.

    Annuity NH