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A Primer: Who Manages Our Pensions? How Does the System Work?

In the last Constitutional Convention, in 1938, the phase “…public employee pensions may not be diminished or impaired,” was added to the State Constitution.   Changing the constitution requires votes in both houses of the state legislatures in two consecutive sessions followed by a statewide referendum of voters. In other words our pensions are secured by the…

Don’t Worry, Public Employee Pensions are Guaranteed and Safe

After July first, nineteen hundred forty, membership in any pension or retirement system of the state or of a civil division thereof shall be a contractual relationship, the benefits of which shall not be diminished or impaired. (New. Adopted by Constitutional Convention of 1938 and approved by vote of the people November 8, 1938.) The…

Islamabad, Albany and the Art of the Deal

There two sets of negotiations in progress, the Iran/USA mediated by Pakistan and in Albany the NYS budget is two weeks late with no end in sight. Every week the legislators return to Albany to pass a “continuing resolution” to keep the state solvent.  Years ago I served on the UFT Negotiating Team, the union…

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