Sunday, October 2, 2022
60.1 F
HomeFrom the EditorHow Will Pension Reform Impact Schools?

How Will Pension Reform Impact Schools?

At the same time some of you have begun commenting on the Mamaroneck School District’s impasse with the Teachers union, an editorial in Newsday claims Governor Cuomo’s Tier 6 pension reform dosen’t go far enough.

It remains to be seen how this will impact teachers and schools in our area.

Gov. Andrew M. Cuomo’s hype machine went into overdrive late last week after the Legislature passed a scaled-back version of his Tier 6 pension reform plan.

Cuomo said the result was “bold and transformational . . . a historic win for New York taxpayers and municipalities.”

A more accurate description would have been “an incremental improvement on what we’ve got . . . and better than nothing.”

The bill creates a new public pension plan that’s roughly one-third less costly for employers than the Tier 5 plan adopted just over two years ago. The new plan achieves this mainly by shifting a larger share of pension costs to future employees, through an increase in contributions deducted from their paychecks.

Unions cried foul, but the benefit reduction for new workers will be slight.



Notify of

This site uses Akismet to reduce spam. Learn how your comment data is processed.

oldest most voted
Inline Feedbacks
View all comments
Ralph Engel
Ralph Engel
10 years ago

For public pension reform to have any significant impact within the forseeable future it must include the elimination of overtime from the pension calculation base, for everyone, including current employees who are not within a few years of retirement and, potentially, for all current employees.

The idea that a public employee, whether or not a teacher, can work vast amounts of overtime over a few years and wind up retiring on a pension as large or even larger than his/her base salary is ridiculous and totally unfair to the rest of us.

On the other hand, a pension based upon base pay seems perfectly fair to me.

10 years ago

We’ve learned that Albany is as usual or worse. Education in NY again will suffer for the failure of those in the State Capitol to implement real change to benefit the whole people of the state rather than the more limited portion paying for their election campaigns.

10 years ago
Reply to  Anonymous

Cuomo has already proven himself incompetent by his gutless ‘tax cap’ that somehow, still results in high single digit annual increases for many families.

They should have eliminated pensions altogether for the new tier and instead utilize a 401K-style plan like the rest of us.

C O M M U N I T Y • C A L E N D A R