Historic pension reform bill signed into law

Gov. Andrew Cuomo (D-N.Y.) signed a historic pension reform bill into law today, raising the retirement age and slashing benefits.

Cuomo was joined by Mayor Michael Bloomberg and other leaders in Albany to approve the bill, which is expected to save state and local governments more than $80 billion over the next three decades.

The bill will increase the age of retirement from 62 to 63 and cut pension benefits for future public employees, with the exception of firefighters and police officers.

Political leaders say without this reform, New Yorkers would have seen significant tax increases and layoffs of teachers, firefighters and police.

sorry to interrupt
your first 5 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 5 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 5 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login, create an account or subscribe to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."