Sorry, this is going up a little late. It’s been a busy morning.
It may be falling off the table, but 71% of teachers in New York say they are ok with offering future employees a 401(k)-type retirement option.
The poll conducted by McLaughlin & Associates for the Empire Center for Public Policy found that 26% of the 500 teachers surveyed would have chosen the option over a regular defined benefit option. The Empire Center has strongly supported the creation of a 401(k)-type option.
Forty-seven percent said they liked the ability to take a 401(k) type plan with them should they leave public service. Another 24% cited the control they’d have over the investments and 21% the full vesting after one year.
“Teachers clearly favor the kind of choice the governor wants to offer them,” said Empire Center Tim Hoefer. “If anything, state legislators should be working to enhance this proposal.”
Instead, it looks like Cuomo is ready to jettison the idea in favor of other pension changes the Legislature support.
“It is unfortuante that the current conversations regarding Tier VI are leaving away from including the defined contribution option,” said Brian Sampson, executive dirctor for Unshackle Upstate.
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