The state Teacher’s Retirement System has estimated that schools will have to pay as much as 16.5 percent of their payroll to cover pension costs, up from a current rate of 11.84 percent, according to a bulletin released earlier this month.
The increase comes as other costs, such as employee health insurance, continue to grow. Schools must also live within a property tax cap that generally limits the growth in the overall tax levy to 2 percent a year.
This is just another in a long line of reports and studies that have produced one clear and consistent message. The laws in New York are causing havoc for many of our local government units. We need all elected officials to understand that this trend will continue until we pass meaningful mandate relief. It is time to Let New York Work.