Assemblyman Michael Fitzpatrick (R,C,I-Smithtown) condemned the absence of the Tier VI pension reform in today’s Assembly budget proposal. Tier VI would raise the retirement age from 62 to 65 and create a 401(k)-style defined-contribution plan for future participants in the state retirement system.
“The lack of even a reference to the Tier VI proposal is a travesty,” said Fitzpatrick. “The current pension system is in need of reform. A defined-contribution option not only has the potential to reduce future liabilities for taxpayers, but gives employees financial flexibility and portability denied to them by our current system.”