Pension reform could save city $6.6M

NORWICH – Mayor Joseph Maiurano has sent a letter to state legislators in support of pension reform following Gov. Andrew Cuomo’s proposed Tier VI pension plan.

Municipalities statewide are struggling to meet the demands of the current pension system, the mayor explained.

“The increasing unsustainability of New York State’s pension system has already placed a heavy burden on our budget and our taxpayers,” Maiurano wrote in his letter to state legislators. “Without significant reform now, this problem will soon become a crisis for the City of Norwich.”

According to supporters of the legislation, the governor’s Tier VI proposal would affect only new employees in the public sector. Its provisions include raising the retirement age from 62 to 65, ending early retirement, requiring a 6 percent contribution from employees’ salary for the duration of their career, and requiring that employees vest in their pension after 12 years instead of 10.

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