ALBANY – On Thursday, The New York State Senate and Assembly passed an amended version Governor Andrew Cuomo’s Tier VI Pension Reform plan which City Mayor Joseph Maiurano said is essential for the benefit of city tax payers.
Provisions of the new pension plan include increasing the retirement age from 62 to 63, reducing the number of sick and leave days that can be used for retirement service credit, adjustments to the final average salary calculations, and employee contribution rates that are contingent on salary:
• Earnings of $45,000 or less, the contribution rate is 3 percent.
• Earnings between $45,000 - $55,000, the contribution rate is 3.5 percent.
• Earnings between $55,000 - $75,000, the contribution rate is 4.5 percent.
• Earnings between $75,000 - $100,000, the contribution rate is 5.75 percent.