The state must offer a new Tier 6 pension plan for public-sector employees to save money.
New York state's pension system has repeatedly been recognized by The Pew Center as one of the best-managed retirement systems in the nation. The proposed Tier VI would endanger the financial security of the current work force, as well as the pensions of retired public employees, by diverting or reducing contributions to state retirement funds.
Meanwhile, though overtime is a big issue for uniformed state workers, overtime pay is not a pension factor for all public employees, such as teachers. Nonetheless, anti-labor forces often use anecdotal cases to accuse all public employees of padding their pensions with overtime. The fact is, the Tier 6 proposal is not only harmful to the public work force and middle-class families, but unnecessary as well. Just two years ago, unions worked collaboratively to deliver $35 billion in savings to taxpayers by agreeing to a new Tier 5.