Cost of Pensions Adds to Factory Town?s Troubles
Faced with a shrinking budget and major pension difficulties, the mayor of Lockport, New York, has asked the city's five unions for concessions, including limiting wage increases and cutting benefits, when labor contracts expire next year. Cities across New York State are only now starting to grapple with the so-called legacy costs of pensions and retiree health care benefits, and the situation in Lockport -- with its rising property taxes and strained budget -- is emblematic of what other cities may face in the future.
See "Cost of Pensions Adds to Factory Town?s Troubles", Danny Hakim, The New York Times, September 3, 2006