Apr 21, 2003 — The bearish stock market is crippling New York's big employee pension funds, which lost more than ten percent of their value in the last year. In the North Country, local governments and school districts rely on those funds to finance their retirement plans. To shore up the pension program, local leaders will have to pay tens of millions of dollars - money that will come from higher property taxes.
As Brian Mann reports, lawmakers in Albany hope to soften the blow, but critics say the state retirement system could be weakened.