Gov. Kathy Hochul on Sunday joined union teachers, nurses, firefighters and public employees statewide, demanding a fix to the New York State and Local Retirement System.
Elected officials at the state and local levels gathered with union members at a rally in Albany on Sunday, calling for changes to Tier 6 of the public pension plan.
They say about 780,000 workers statewide are classified as part of that group, enacted in 2012 to reduce long-term pension costs to the state.
Union members claim Tier 6 requires them to work longer and contribute more from their paychecks while receiving reduced benefits compared to previous plans.
The governor says she’s in support of a more equitable plan after making previous changes to Tier 6 in 2022.
“Instead of taking the average of five years, we’re taking the average of your three consecutive years.,” Hochul said. “We’re taking a shorter vesting period from 10 years down to five. And also, I’m fighting for a fairer pension plan because it’s essential that we continue recruiting people.”
The New York State and Local Retirement System is currently administered by the state comptroller, managing assets valued at more than $273 billion.