New York Governor Signs Pension Overhaul Bill

ALBANY, N.Y.—New York Gov. Andrew M. Cuomo (D) signed legislation (S. 6735) March 16 that will reduce pension benefits for newly hired public employees to save public employers an estimated $80 billion in pension costs over the next 30 years.

Under the measure, which received final approval from the legislature one day earlier (51 DLR A-12, 3/15/12), state and local government employees hired after April 1, 2012, will contribute a larger share of their salaries toward their pensions and receive a smaller pension benefit at retirement. New, nonunion employees who earn more than $75,000 will have ...