New York Legislature Approves Pension Cuts, Overhaul
The New York Legislature approved much of Governor Andrew Cuomo’s pension overhaul by raising the retirement age for most new workers and for the first time offering a 401(k)-type option to some non-union employees. The deal was among a package of bills passed during an all-night session in Albany that redraws voting district lines, sets up a teacher-evaluation system, authorizes a constitutional amendment that would legalize casino gambling and expands a criminal DNA database. The governor, a 54-year-old Democrat, is expected to sign the measures, according to legislative leaders and administration officials. Cuomo has said pension costs will consume 35 percent of local-government budgets by 2015, up from 3 percent in 2001. Today’s deal is expected to save $80 billion over 30 years.
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