"The 3 percent compounded increase is far more generous than any Social Security benefit would provide. It's very expensive and needs to be paid out regardless of inflation and regardless of the state's ability to pay," said Laurence Msall, president of The Civic Federation, a nonpartisan research organization. "It's one of the biggest drivers of the pension cost."
"The governor's plan appropriately recognizes that the state's finances cannot withstand a dramatic reduction in revenues next year," said Civic Federation President Laurence Msall. "However, new spending initiatives are just as contradictory to the state's fiscal reality - especially those financed by borrowing."