NEW YORK STATE: Tier 6 reform is costly proposition
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” overtime, ...