New York Rolls Back 2012 Pension Curbs in $268 Billion Budget as Costs Rise by $550 Million
Updated
Updated · News 12 Long Island · Jun 4
New York Rolls Back 2012 Pension Curbs in $268 Billion Budget as Costs Rise by $550 Million
3 articles · Updated · News 12 Long Island · Jun 4
Summary
$268 billion in New York's 2027 budget reverses key Tier 6 pension limits, cutting teachers' full-retirement age to 58 from 63 after 30 years and lowering employee contributions.
The package also lifts the overtime cap counted toward police and firefighter pensions to 25% from 15%, a concession lawmakers and unions say will help recruitment and retention.
13,455 people took the Suffolk County police exam in 2023, down from more than 41,000 eight years earlier, a drop union leaders cite as evidence retirement benefits had become less competitive.
$550 million a year is the current cost estimate cited by Empire Center analyst Bill Hammond, who said the rollback will add pressure on state and local taxes after reforms first imposed in 2012.