Historic pension reform deal passes in Albany

State lawmakers passed a sweeping pension reform bill in the early morning hours, drawing the ire of union leaders and applause from some New Yorkers.

WOODBURY - State lawmakers passed a sweeping pension reform bill in the early morning hours, drawing the ire of union leaders and applause from some New Yorkers. The six-tier pension plan will cut benefits to new hires, but does not affect current state workers. Gov. Andrew Cuomo says it will save taxpayers an estimated $80 billion over the next 30 years. The plan establishes new employee contribution rates that vary depending on salary. It pushes back the retirement age from 62 to 63, and it limits the number of sick leave and overtime hours that can be used in employees' pension calculation. Union leaders around New York slammed the reform, arguing that it was passed behind closed doors without open debate.

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