Thiele Praises State Pension Reform Plan

Statement by Assemblyman Fred W. Thiele, Jr. (R,I,C,WF – Sag Harbor)
June 8, 2009
Governor Paterson and the state’s public employee unions last week reached a landmark agreement regarding the state pension system. This agreement accomplishes several essential goals: it reforms the New York state pension plan, saves the state hundreds of millions of dollars, and accomplishes all of this without layoffs. This plan results in a win-win situation for taxpayers and the state employee system as the creation of a Tier V in the state retirement system will save New York taxpayers $25 million over two years and will apply only to new hires, thus not negatively impacting the retirement rights and provisions of current employees. As New York battles through this fiscal crisis, it is important to back compromises and work together for the good of our entire state, and this agreement is a shining example of just that.