"...a group that has such a long and distinguished record in identifying and addressing crucial issues affecting the governments of the city and state of New York." Federal Reserve Chairman Ben S. Bernanke
The pension reform proposal that Governor Andrew Cuomo submitted with the Executive Budget, known as Tier VI, would increase contributions from new employees to the pension funds of New York’s state and local governments, including New York City.
Part of Governor Andrew Cuomo’s “Tier VI” proposal to make pension benefits for public employees of New York’s State and local government more affordable and sustainable over the long term is an optional 401(k)-style plan.
As 2012 begins and the New York State Legislature begins a new session, its first priority should be reform of the financing and benefits of pensions for state and local employees. Such reforms are urgently needed because (1) the relatively high cost of the current system places New York at a competitive disadvantage, and (2) these costs have been growing and are projected to continue growing, making a bad situation worse.
The CBC today released a policy brief titled “The First Priority in the New Year – Pension Reform.” It compiles the latest financial data on the rising cost of pension obligations of government entities in New York State, including New York City, other localities and the MTA, and, in doing so, underscores the case for comprehensive pension reform to alleviate financial burdens statewide.
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