NYSAC Policy Brief Addresses Pension Rate Setting
With the state, counties and all local governments facing skyrocketing employer contributions rates for public employee pensions in the coming year, a frequently asked question has been: “If Wall Street is doing so well, and the assets of the pension fund are increasing in value, why are public employer contribution rates increasing so significantly?”
This new NYSAC policy brief addresses this question by highlighting elements of the Common Retirement Fund that explain the process the New York State Comptroller uses to set annual employer contribution rates.
For the full policy brief click here.
June Edition of the NYSAC Economy Watch Shows Continuing Growth but Exhibits Signs of Potential Bumps Ahead
Lower Unemployment rates, increasing home sales, and fewer future job losses in the months ahead as indicated by the State’s WARN notices from employers, seem to indicate that the State’s fledgling economic recovery is continuing. Decreasing consumer confidence across New York State gives an early indication that the recovery may be hindered through the summer months because of overall unwillingness by the State’s consumers to spend.
Despite indications of continuing steady growth in almost all economic indicators, the state’s consumers continue to exhibit significant wariness about spending on consumer goods. Continued long term declines in consumer spending could unravel the state’s already fragile economic recovery. The state’s economic recovery appears to be at a bit of a crossroads between continued growth and a new period of economic downturn. Business leaders surveyed by the Empire State Manufacturing Survey and in other business publications seem to indicate they are putting off hiring expansion until consumer spending increases. Consumers on the other hand appear to be putting spending decisions on hold pending better indications that employment and the economy are growing.
Future actions in Washington and the State Capital could very well influence whether current growth indications in the State and National economies can be sustained for the long term.
Click here for more on the latest Economy Watch.
The Changing Face of New York: How Will Our Changing Demographics Affect Counties?
NYSAC’s report, “the Gathering Storm” and recent demographic information released by the US Census Bureau and
the State have all indicated that substantial changes are occurring in the population of New York State. Our people are growing
older, are more likely to have immigrated from overseas and are becoming more diverse in their ethnic composition and economic
condition.
During the NYSAC Fall Seminar Dr. Richard Dietz from the Federal Reserve Bank of New York, Dr. David Brown and Dr. Max Pfeffer of Cornell University conducted a policy forum on how the changing population of New York will affect the future of counties and our state as a whole.
The panelists discussed the impacts our aging population, the loss of young people, and an emerging immigrant population will have on county services and our potential for renewed economic growth. The panelists described both the challenges and opportunities counties and our state will face in the decades ahead.
- Presentation by Richard Dietz, Federal Reserve Bank of New York
- Presentation of Dr. David Brown, Cornell University
- Presentation of Dr. Max Pfeffer, Cornell University
Gathering Storm Outlines NY's Economic Challenges
This week, NYSAC issued a new research report called The Gathering Storm: Challenges Confronting the Future of New York, which examines how the business climate and changes in population pose new challenges for our communities.
Excerpt: "There are warning signs everywhere of the gathering storm we are about to confront. The state’s population trends indicate that we are losing young families and have an aging population, an increasing percentage of who are senior citizens on fixed incomes. The state exceeds all of the national percentages of people living in poverty. At the same time, we are losing private sector jobs and business investments are on the decline...These challenges demonstrate clearly that New York State must fundamentally change the way it does business if the State is to prosper once more."
Click here for the full Gathering Storm report.
Click here for the Executive Briefing.
