Governor Andrew M. Cuomo, Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos today announced the passage of a sweeping pension reform plan that will save state and local governments more than $80 billion over the next 30 years.  New York City taxpayer savings will account for $21 billion of this savings.

The pension reform package is an important victory for all New York taxpayers and will continue to permit the state and the city to invest in our future.  With this historic agreement, not a single current government worker or retiree will be affected and future city employees will receive pensions that taxpayers can afford.  (See Mayor’s press release link below)

As part of pension reform, new worker contribution rates will increase for higher income employees, but will remain lower than the large majority of similar systems around the country.  The retirement age will increase to 63 from 62 and new employees become vested after 10 years of service.  Provisions were also adopted to prevent pension padding in the last years of employment.  The new formula will lower the pension from 60 percent to 55 percent of the average salary for the last five years.  (See Governor’s Press release link below for more details)

In addition to pension reform, the legislative leaders reached agreement on redistricting, teacher and principal evaluation, casino gaming and the DNA databank.

The leaders also agreed to pass the state budget on time and without any increase in New York State taxes.

 

Mayor's and Governor's Press Release

 Mayor Bloomberg's Statement/Press Releas

 

Governor Cuomo's Statement Press Release
 
   

________________

©Mitchell Hall 2006-2013

All content/images, unless noted, are the property of Mitchell Hall & may not be used without permission. 

Blogging about Manhattan Real Estate since 2006

Mitchell Hall, Associate Broker
Office (212) 877-6268 | iPhone (917) 312-0924
MHALL@Corcoran.com

Manhattan Seller | Manhattan Buyer | New Developments | Market Reports | Neighborhood Reports

Search Manhattan Homes

 

My Google Profile

Corcoran Group         Google +

 
          Call Mitchell Hall @ 347-921 HALL (4255)
 
This post has been included in New York Real Estate News New York County, NY Real Estate News New York, NY Real Estate News
Post is included in group: Politics And Real Estate
Post is included in group: New York Real Estate Agents and Associate Brokers
Post is included in group: Local History
Post is included in group: I Love NY
Post is included in group: Blatant Politics

4 Comments on New York Passes Sweeping Pension Reform Package

MAR
16
2012
628,898 Points 7 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Looks like you have winning issues here ..especially no tax increase!
8:31am • #1
925,222 Points 13 Featured Posts Called Shot Master

Mitchell,

Once again, New York is on the leading edge, and we are delighted and not all surprised.  What surprises me is that other states don't follow suit.  A
12:50pm • #2
MAR
22
2012
522,834 Points 10 Featured Posts Outside Blog Called Shot Master

Mitchell, That sounds like a great reform!   Congratulations to your administration and legislature for doing the right thing, and still saving the taxpayers! 

And, thanks for a great comment.  I will be back!
11:00am • #3
MAR
30
2012
1,946,192 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

My goodness.  This is hands down the most responsible pension reform package I've seen.  Still a good deal for employees, " new employees become vested after 10 years of service." but it's in the right direction.

I am unable to believe some of the pension benefits enjoyed by some in CA, over $1,000,000 a year or close.  Some of those packages defy logic.

 
5:25am • #4


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
File_hall_mitchell_04_r_2_ Rainmaker_large

Mitchell Hall ~ Licensed Associate RE Broker

Manhattan, NYC Real Estate

Manhattan, NY

More about me…

The Corcoran Group

Address: 2253 Broadway, New York, NY, 10024

Office Phone: (212) 877-6268

Cell Phone: (917) 312-0924

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog