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July 10, 2009

An Albany victory for fiscal common sense

E.J. McMahon

The dubious pension “amortization” bill that was the subject of warning posts on this page over the past couple of days was defeated on the floor of the state Senate in the early hours of this morning.   Senate sources say the vote was 34-28, with four five Democrats joining all 30 29 Republicans in opposition, but an official roll call was not immediately available.**

Sen. George Winner, R-Elmira, led the debate — and, apparently, was pretty persuasive.

By the way, the defeat of a bill on the Senate floor is almost unheard-of in Albany.  This particular bill was backed by both the governor and the state comptroller, making the outcome that much more unusual.  If this means lawmakers are going to start taking public pension issues more seriously, it may be an important turning point for taxpayers in New York.

** UPDATE: As reported on The Daily Politics blog, the bill was opposed by five Democrats - Ruben Diaz Sr., Ruth Hassell-Thompson, Jeff Klein, Shirley Huntley, Carl Kruger and Bill Perkins. One Republican, Long Island Sen. Kemp Hannon, voted “yes”.

FURTHER UPDATE — That blog report of the vote, above, had it wrong.  The official roll call shows all 30 Republicans voted “no,” and the Democrats in opposition were Diaz, Klein, Huntley, Kruger and Perkins.

Filed under: Public Pensions

3 Comments »

  1. [...] My article in the Post today suggests an alternative to that pension “amortization” bill rejected by the Senate last week. [...]

    Pingback by NY Fiscal Watch — July 13, 2009 @ 11:00 am

  2. [...] and state Comptroller Thomas DiNapoli.   But that bill stalled in the state Senate — and for good reason (even if political pettiness also played a role in its rejection).  So DOB adjusted the financial [...]

    Pingback by NY Fiscal Watch — July 31, 2009 @ 10:21 am

  3. [...] of their added annual contribution for up to 10 years at a time.  However, as explained here (and here), amortization would simply shove costs into the future by allowing employers to borrow from the [...]

    Pingback by NY Fiscal Watch — September 3, 2009 @ 12:51 pm

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