Public Pension Fallout in Yonkers, New York

The New York Times reports there are 100 retired police officers and firefighters in Yonkers collecting more in their annual pension benefits than they earned at their maximum annual salary. The youngest retiree, now 47, says he did nothing wrong when he added overtime to his base salary in order to maximize his pension benefits, ““I don’t understand how the working guy that held up their end of the bargain became the problem.” New York’s ballooning pension costs are another data point in a crisis that encompasses most states and many local governments. What can be done? For a discussion, read more here.