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News stories tagged with "retirement"

Ross McDonald and his son Stewart are closing the store together
Ross McDonald and his son Stewart are closing the store together

Clark's Shoes in Cornwall says good-bye after 116 years

In Cornwall, Ontario, Clark's Shoes has been meeting footwear needs for customers on both sides of the border since 1896. Ross McDonald has spent over half a century running the store his maternal grandfather founded. For shoppers of a certain age, this is what buying shoes has always been like: helpful, personable service in a family-owned business. McDonald is retiring near the end of this month and a lot of his customers are feeling the loss. Lucy Martin dropped by the store earlier this month, when most everything was on sale and business was brisk.  Go to full article
That is all about corporate CEOs driving an agenda that tells future [state workers] to give up hope of future security.

Cuomo says he's flexible on state employee pensions, to a point

Governor Andrew Cuomo took a step back Monday from his proposal to give new state workers the option of defined contribution 401k-style retirement plan. But the governor says without pension reform, local governments in New York could end up "bankrupt." Karen DeWitt has more.  Go to full article
Were going to wind up with seniors who are going to become dependent on [public] assistance.

Government employee reps grill Cuomo budget head on proposed retirement plan

Governor Cuomo's budget director faced some tough questions yesterday, as he testified before a legislative hearing. Lawmakers grilled Robert Megna on the defined benefit pension system for state workers the governor has proposed. Karen Dewitt has this report from Albany.  Go to full article
In some cases its probably a question of a lack of knowledge, but in other cases people have been abusing the system, defrauding it.

Cuomo Administration looks for public pension changes

There's been action in Albany this week on curbing New York's rising pension costs.

Governor Cuomo is poised to unveil a proposal to change benefit levels, and Comptroller Tom DiNapoli is offering a bill that he says will close a loophole that is costing the state millions of dollars. Karen DeWitt reports.  Go to full article
Sooner or later when the credit card bill comes due you have to pay it. The money is due. There is no more to give.

Public pensions strain budgets

The recent battles in Wisconsin and Ohio over collective bargaining for public workers has shined a light on the pensions government workers often receive. Here in New York, the state's pension fund is solvent. But costs have been sharply rising for the local governments that pay into it, and now some are calling for changes to the system. Our story from David Chanatry with the New York Reporting Project at Utica College.  Go to full article

Pension Fund Fall-Out: Higher Local Budgets, Higher Property Taxes

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.  Go to full article

Foes of Social Security Privitization Gear up for Fight

A commission appointed by President Bush is expected to recommend that social security be partially privatized. The report could be released as early as today. Those against any privatization of social security, including two New York Congressmen, are gearing up for a long fight. Karen Dewitt reports.  Go to full article

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