Quote:
Originally Posted by fatlazyless
And at the same time, there's a 14% increase in the contribution to state retirement funds.
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I believe that last June 2009 the state legislature passed a rule attached to a new law that will lower state aid from 35% to 25%. Over the next three years, state contributions to cities & towns for their employee pensions will decline from 35 to 30 to 25%. Maybe, that is what's driving this 14% Meredith pension cost increase?
One thing that I do not understand; the state has no say what-so-ever how much cities & towns pay their employees, so why should the state be responsible for paying 35% of their pension costs?