State Gov’t Should Leave Tier 6 Alone
Public employee unions are pushing hard for changes to the way pensions for government jobs are funded. If your social media feed has been flooded with calls for Tier 6 reform, here’s a primer. In 2010 former Gov. David Paterson’s Tier 5 plan rolled back pension benefit sweeteners approved by the state Legislature in the early 2000s, while in 2012 former Gov. Andrew Cuomo pushed through legislation creating Tier 6 in the state pension system. Cuomo further restructured benefits, restored and increased employee shares of pension fund contributions, capped “pensionable” ...