Pension reform is one of Governor Andrew Cuomo’s highest priorities this year. In both his state of the state speech, and more formally in his budget proposal, the Governor laid out his vision for fixing what many perceive to be the state’s broken and unsustainable pension system.

Cuomo would give future employees the option of participating in a defined contribution plan, which works like a 401(k) and would be similar to the system SUNY and CUNY use today. It’s one of a couple reforms instituted under the Governor’s new Tier VI proposal.

On the other side of things you have State Comptroller Thomas DiNapoli. The Comptroller has called basing policy on the current state of the pension system—still recovering from the financial sinkhole of the last few years—“not the smartest move.” In an op-ed today, he calle allowing a 401(k)-style option for state employees “a false choice” which would “undermine [new employees’] long-term retirement security.”

“New York’s proposed move to a 401(k)-style plan just doesn’t make sense,” DiNapoli said in the op-ed.

Over the past week think tanks, good government groups and research institutes have weighed in on the debate. In general, they’re supportive of the Governor’s proposals to change the state’s pension system—but in various ways, and in varying degrees….

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