Message from Governor Cuomo’s office:
Dear Fellow New Yorker,
Skyrocketing pension costs have threatened to drive local governments into bankruptcy. Over the past ten years, the pension costs for local governments and school districts have increased by 650 percent. Put simply, this is was unsustainable — for localities and for taxpayers.
To change course, Governor Cuomo proposed and won passage of a historic pension reform bill that will save New York state, local governments and school districts nearly $80 billion over the next 30 years. The Governor’s pension reform plan is his latest step in restoring fiscal discipline to New York and ensuring our state remains on sound financial footing for years to come.
The Governor’s plan includes a new Tier VI, which creates progressive contribution rates for future state and local employees. Current employees’ pension plans will not be affected by this legislation.
This bill is fair to public employees and the working families of our state who pay the taxes that support state and local pension systems.
This reform continues Governor Cuomo’s commitment to lowering the cost of government. Last year, he led the successful fight to enact the first-ever property tax cap in the state, providing much-needed relief to businesses and home owners.
This year, by reforming the State’s pension system, we are greatly reducing one of the largest financial burdens for local governments and their taxpayers.
By working together, we are making government work for the people again.
Thank you for getting involved.
The Office of the Governor
P.S. – If you haven’t yet, click here to watch a video message from the Governor to New Yorkers.