This morning the Empire Center for New York State Policy released results from a poll conducted last week, showing that 71% of public school teachers in New York support the choice of a defined benefit/defined contribution retirement plan and 26% would take the defined contribution option. NFIB/NY has been a continuous supporter of Governor Cuomo’s Tier VI proposal, including the defined contribution language.
Unfortunately, as budget negotiations accelerate rapidly, it appears concessions have been made to pension reform and that the defined contribution choice is out.
Simply, I think it is a mistake for the Governor and legislative leaders to walk away from a choice which New Yorkers overwhelmingly support.
Having the option to choose the best retirement path aligns with the needs of our future workforce and provides the financial flexibility and predictability that our schools and communities need. Further proof is shown in this article from today’s Albany Times Union.
It is not too late for the Governor to reaffirm his commitment to providing this choice and for legislative leaders to take a step back, and do what is right for our communities, schools and businesses. Let’s hope they do.