New York Lawmakers Vote on $268 Billion Budget as Tier 6 Pension Boost Adds $557 Million
Updated
Updated · Newsday · May 26
New York Lawmakers Vote on $268 Billion Budget as Tier 6 Pension Boost Adds $557 Million
3 articles · Updated · Newsday · May 26
$268 billion in budget bills moved toward votes Tuesday, with lawmakers taking up transportation, economic development and environmental measures as they try to finish the overdue 2026-27 package this week.
$557 million would expand Tier 6 retirement benefits, letting teachers hired after 2012 retire at 58, lowering some worker contributions and counting more overtime for police and firefighters.
Climate provisions would delay key targets by shifting to a 60% emissions cut by 2040 from a 40% cut by 2030, while giving regulators until 2028 to write rules and adding $200 million for solar incentives.
Utility and auto-insurance changes would curb costs by limiting expenses utilities can pass to ratepayers, requiring lower-cost rate proposals and forcing insurers to return excess profits as policyholder credits.
The votes come weeks after Kathy Hochul announced a budget deal on May 7, following an April 1 deadline miss and earlier approval of education spending and immigration-related protections.
Is New York's pension deal a wise investment in public workers or a multi-billion dollar burden for the next generation?
With some unions opposed, what is NYC’s backup plan to close its massive budget deficit without this controversial deal?
As pension costs rise, must smaller New York towns choose between higher taxes and cutting essential services for residents?