New York Delays State Worker Retirement Funds

New York officials have forgone an eight percent discount on their one billion dollar payment to state workers’ pension fund, and have opted to pay later. The decision will be costing the state just over six million dollars per month until they do. “The move is necessary to help the state government, which took the discount for at least the past four years, meet its short-term cash-flow needs,” said Matt Anderson, spokesperson for the Budget Division.

Anderson stated that the nine hundred fifty-nine million dollars will be paid to the New York State Common Retirement Fund before the deadline on March 1st, and that pension benefits will not be affected.

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