Contending that pension reform will save State and local governments, including New York City more than $80 billion over 30 years, New York Governor Andrew M. Cuomo announced the passage of a “Tier VI” pension reform plan that is expected to save state and local governments and New York City more than $80 billion over the next 30 years.
According to the Governor’s office, major elements in the legislation that creates this new pension plan include:
o $45,000 - $55,000: 3.5%
o $55,000 - $75,000: 4.5%
o $75,000 - $100,000: 5.75%
o $100,000+: 6%