NYS BUDGET PASSES INCLUDES TIER PENSION ENHANCEMENTS

The New York State budget was passed Saturday, which included the amending of the pension systems throughout the state to include that Tier 6 and Tier 3a members final average salary calculations were modified to change the look-back from 5 years to 3 years.  This is a huge win for our younger members.  Furthermore, another piece of the final budget contained a section of law regarding the calculations that is used to determine how much Tier 6 members are required to contribute into their pensions will exclude overtime, which likely will lower the amount they contribute.  This measure has been in effect for the past two years, and now will be extended for two additional years.

The TSO would like to thank Peter Meringolo Chairman of NYSPEC which we are a member. NYSPEC brought all of the Unions together as one to get this modifications to the pension system. We still have a long way to go but this is a good positive step in the right direction.