NY state regulator to examine 'pension spiking' - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

NY state regulator to examine 'pension spiking'

Posted: Updated:
New York State News New York State News

ALBANY, N.Y. (AP) - New York's top financial regulator has announced plans to examine several government employee pension funds and take steps to root out "pension spiking."

In letters to the comptrollers who oversee retirement funds for state employees, teachers, public workers in New York City, Superintendent Ben Lawsky says his Department of Financial Services has taken a fresh look at its responsibility for pension fund oversight.

The department's audit plan now includes examining the policies and procedures at the funds to stop spiking, the practice where employees "load up on overtime in their final years of service to pad their pensions."

Lawsky says other audits will examine the funds' risk management, actuarial assumptions about investment returns, use of consultants and controls to prevent conflicts of interest.


  • New York State NewsNew York State NewsMore>>

  • NY brothers invent machine that makes CPR easier

    NY brothers invent machine that makes CPR easier

    Tuesday, July 29 2014 6:40 PM EDT2014-07-29 22:40:57 GMT
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
  • Scenes for "Girls" to be shot at SUNY New Paltz

    Scenes for "Girls" to be shot at SUNY New Paltz

    Tuesday, July 29 2014 2:51 PM EDT2014-07-29 18:51:27 GMT
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
  • NY teacher tenure system faces new legal challenge

    NY teacher tenure system faces new legal challenge

    Monday, July 28 2014 10:14 PM EDT2014-07-29 02:14:16 GMT
    An educational advocacy group led by former CNN journalist Campbell Brown is challenging New York state's teacher tenure system, filing a lawsuit Monday that alleges that job protections unfairly shield bad teachers. Seven parents of public school children from New York City and Rochester are the plaintiffs in the lawsuit, filed in Supreme Court in Albany.
    An educational advocacy group led by former CNN journalist Campbell Brown is challenging New York state's teacher tenure system, filing a lawsuit Monday that alleges that job protections unfairly shield bad teachers. Seven parents of public school children from New York City and Rochester are the plaintiffs in the lawsuit, filed in Supreme Court in Albany.
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices