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

Videos from inside the halls and classrooms of 1 Videos capture violent fights inside M.S. 232
News 12 The Bronx asked residents what they 2 Word on the Street: Inauguration Day
VIDEO: Nonprofit opens food pantry at East Bronx 3 VIDEO: Nonprofit opens food pantry at East Bronx Academy
The Buzz: Bronx 3-month old dies after alleged 4 The Buzz: Bronx 3-month old dies after alleged abuse
A look at the highlights of the 2017 5 Highlights from the 2017 People's Choice Awards

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