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

ALBANY - 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.

advertisement | advertise on News 12

Trending Video

News 12 hit the streets to find out, 1 Word on the Street: Worst Highway in NYC
The wake service for an FDNY EMT killed 2 Wake held for EMT killed while on the job in Soundview
Hundreds were on hand to honor an FDNY 3 Family, friends to say final goodbye to fallen FDNY EMT
The incident happened on March 15, inside the 4 VIDEO: Deli Plus Grocery shooting exclusive video
Weekend Travel Advisory, 3/24-3/26 5 Weekend Travel Advisory, 3/24-3/26

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE