ALBANY, N.Y. -- Governor Cuomo has signed the pension reform bill into law.
Cuomo said pension reform is a major accomplishment of his administration so far. He said this Tier VI plan will save the state $83 billion over the course of 30 years. But analysts say immediate savings will not be felt in the first couple of years.
"If you hadn't done pension reform, you would have had, definitely, exponential tax increases in local government and you would have had layoffs of public employees. You would of had to lay off teachers, firefighters and police. So, if you are concerned about public employees and you don't want public employees to lose their jobs today, tomorrow, then you need to do pension reform."
Many members of the Public Employees Federation are against the pension reform bill, saying they're being forced to sacrifice too much when it comes to salaries and pension contributions.