Ariel Solomon on Reforming Pension Benefits

Ariel E. Solomon comments on newly passed legislation which reforms pension benefits in New York State for the first time in decades. It is anticipated that the creation of the Tier V pension benefits will increase cost efficiency for public employees and could save the state and local governments $35 billion over the next 30 years. The new Tier V legislation applies to both uniformed and non-uniformed public employees and significantly reforms the pension system.

Senate Passes $48 Billion Pension Reform