Traditional public employee pension programs in New York State have become unaffordable for taxpayers—while denying workers the ability to choose more flexible approaches to retirement planning. Read More
Tag: Public Pensions
Battle lines have been drawn on public pension reform in New York and some of the fiercest public employee union attacks are focusing on Gov. Andrew Cuomo’s proposal to let future government employees choose between a traditional pension and a defined-contribution retirement savings plan. Read More
Labor unions in New York are mounting a fierce effort to derail Gov. Andrew M. Cuomo’s Tier VI pension reform plan, portraying it as an attack on the middle class. Read More
Gov. Andrew M. Cuomo says he's willing to be a "veritable Gumby" of flexibility in negotiating the terms of public pension reform, as long as a new pension plan reduces costs by a large enough amount. Read More
Assembly Speaker Sheldon Silver is insisting that Gov. Cuomo “negotiate” his plans to reform New York’s outdated pension systems with the public-employee unions — which misses the biggest point of reform. Read More
Seventy-one percent of New York State’s public school teachers support giving new teachers a choice between a defined-contribution retirement plan and a traditional defined-benefit pension, according to a statewide poll conducted for the Empire Center for Public Policy. Read More
Gov. Andrew M. Cuomo's hype machine went into overdrive late last week after the Legislature passed a scaled-back version of his Tier 6 pension reform plan. Read More
During New York's Tier 6 pension-reform fight earlier this year, public employee unions claimed Gov. Andrew M. Cuomo wanted to "let Wall Street gamble" with pension money. Last week brought a reminder of who's really rolling the dice. State Comptroller Thomas DiNapoli announced that the pool of investments backing the New York State and Local Retirement System (NYSLRS), of which he is sole trustee, earned 5.96 percent during the fiscal year ended March 31. Read More