ALBANY, NY - The New York State Public Employees Federation (PEF) is calling on state lawmakers to reject the governor's proposal for a new pension plan. The governor introduced a bill today that would drastically reduce the pensions of future state and local government workers.
"The Tier 6 pension plan proposed by Governor Cuomo will have little effect on pension costs in the short-term," said PEF President Ken Brynien.
"This is about politics and placating big-business special interests, plain and simple," Brynien said.
Less than two years ago, the Legislature passed Tier 5, which is projected to save taxpayers $35 billion over the next 30 years.
"The ink is barely dry on Tier 5, but now the governor is proposing draconian pension cuts that would inflict permanent damage on middle class workers such as nurses, parole officers, bridge inspectors and cancer researchers for what is a transient problem," Brynien added.
The average pension for a member of the state and local employee retirement system is $18,300. Unlike other states that have huge unfunded pension liabilities, New York's public pension system is fully funded.
"If the budget problems were the true motivator, the state would not have given a tax cut to the wealthiest New Yorkers, sacrificing billions of dollars in revenue in the process," Brynien said.