ALBANY—New York has one of the highest pension burdens in the nation — second only to Alaska — and it's about to get worse: the state's (i.e., taxpayer's) required payment will soon skyrocket from its current level at $1.5 billion to $2 billion in 2014.
Our current pension system is already unsustainable, and the generational surge in retirees will mean that our younger population will be forced to carry the fiscal burden.
At a time when we are focused on growing our economy and increasing the number of good-paying, private-sector jobs in New York, it is counterintuitive to maintain a pension system that is hurting taxpayers and businesses and helping to drive away our best and our brightest citizens.
Governor Cuomo has a plan that would not affect current employees, and would still offer a defined benefits system for the future workforce His plan eliminates the use of padding tricks like overtime in pension calculations. The opportunity to enroll in a 401K-style retirement account would also be available to new employees.
Tell the legislature that we need a Tier VI Now!