As part of his proposed budget for FY 2012-13, Gov. Andrew Cuomo has called for significant changes to the pension program for state employees. His plan creates a new “tier” of pensions that would cut the state’s growing pension costs by reducing the benefits it provides to future employees. The proposal is known as Tier 6 because it would establish a sixth different benefit structure for future employees on top of the the 5 tiers of benefits already in place.
At the New York World, we wanted to know: What pension benefits do state workers in Tiers 1 through 5 receive? We asked Brian Curran, the Director of Legislation and Counsel for the New York State Public Employees Federation – which strongly opposes Tier 6 – to explain how the system works. – Sasha Chavkin