Sign In

Article Information

  • Governor Cuomo's New York State Public Sector Pension System Pension Proposals and New York State's Retirement Income Security Crisis

    This article argues that New York State’s pension reform efforts should be about sound fiscal management and securing retirement income for all New Yorkers, both public and private sector employees. New York pensions are nearly fully funded, so budget reasons for cutting pension benefits are not compelling, and, more importantly, smaller pension benefits for state workers would contribute to an upcoming retirement crises in the state of New York. Cutting public employee pension benefits by implementing Governor Cuomo’s Tier VI proposal in the context of failing pensions for state residents will produce more New York elderly with inadequate incomes. Cuomo’s proposal may actually make future state budgets worse when increasing numbers of low income retirees need to rely on state and local government budgets for Medicaid access, subsidized housing, and other services for the elderly poor.