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
•
Mar 16, 2012, 9:29 PM
•
Updated 4,687 days ago
Share:
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.
More from News 12
1:05
Rats rattling Greenpoint residents
1:49
Windy and cold conditions continue before weekend warmup
1:35
Quest delivery drivers say they haven't been paid in weeks, have only received backlog pay
1:54
Starbucks in Park Slope set to close its doors at the end of January
1:41
Brooklyn organizations holding donation drive for LA fire victims
1:54