By 2015, 35 percent of local-government budgets will be consumed by pension costs, up from 3 percent in 2001, Cuomo said today. "This year is about pension reform ... We need to change the relationship with the special interests because we can’t afford to pay the pension because the taxpayers are broke." Cuomo put the pension changes into his budget proposal for the fiscal year that begins April 1. FULL ARTICLE AT BLOOMBERG.COM

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SOURCE: BLOOMBERG.COM

7 MONTHS AGO