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.