Labor unions aim to improve retirement benefits for recently hired public workers, proposing changes to the Tier VI pension law. This initiative would cost taxpayers around $1.5 billion annually, with New York state facing an additional $242 million in pension costs. New York City's pension expenses would increase by $328 million, while school districts and local governments would also incur significant costs. Supporters argue that the changes are necessary to retain public-sector workers, while opponents express concerns about the financial implications and question the link between pensions and workforce shortages.
""I think this is a worthwhile investment in the future so that we are protecting the workforce and people can live with the dignity they deserve" when they retire, said state Sen. Jessica Ramos, a Queens Democrat."
""This is going to drive up property taxes in the suburbs and it's going to be a major hit to Mayor Mamdani's budget," said Ken Girardin, a fellow at the fiscal policy organization."
Read at Gothamist
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