Higher pension costs could soon put pressure on local budgets across New York, according to the Times Union.
State lawmakers and Gov. Kathy Hochul recently approved changes to Tier 6 retirement benefits, a move unions say will help recruit and retain public workers. The changes add an estimated $2.8 billion in pension liabilities and could cost state and local governments roughly $300 million more each year.
Local officials worry those costs may force difficult choices in the years ahead. Many say residents could eventually see higher property taxes, slower hiring, delayed infrastructure projects, or cuts to services as municipalities absorb the added expense.
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