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Story summary
- Kathy Hochul, the governor of New York, is negotiating a $1.5 billion pension plan that could cost the city $328 million as budget talks continue for potential compromises.
- The plan would reverse 2012 reforms raising retirement ages and employee contributions.
- Labor leaders argue the changes will improve recruitment.
- Budget experts warn the plan could trigger tax increases and budget instability.
- Mayor Zohran Mamdani is open to pension reforms but seeks state assistance.
