The State Legislature turned its back on a proposal to reform the state pension system, but New York City Mayor Michael Bloomberg is trying to revive the issue.
Here's the reform, in a nutshell, as conveyed by NY Public Payroll Watch:
The Tier 5 proposal would require civilian employees of both the city and state to work at least 30 years and be 62 years old to qualify for a half-pay pension.
Another provision, which does not apply to the state workforce, would require the city's uniformed employees, some of whom can now qualify for their pensions after 20 years' service and with no age requirement, to have to work 25 years and be at least 50 before they could collect.
In other words, public employees would have pension plans that more closely resemble taxpayers, or at least those who have pensions.
The public employee unions are howling, of course. But Bloomberg, who said the proposal would save NYC $7 billion over 20 years, is pressing ahead. He's looking for savings in the budget he released last week.
I wonder if Byron Brown, Chris Collins, Paul Dyster and company will lend their support. Pension costs, along with health insurance for retirees, are becoming bigger and bigger expenses for local governments.
taggedLocal Government | State government