by Jon Melegrito | February 22, 2012
New York State Controller Thomas DiNapoli
New York Gov. Andrew Cuomo’s push for a 401(k)-style plan for new public workers threatens the economic security of the state’s current and future retirees and in an op-ed in today’s New York Daily News, New York State Comptroller Thomas DiNapoli warns policy makers not to “knowingly push future generations toward inadequate retirement security.”
Defined contribution plans such as the one promoted by Cuomo in his new “Tier 6” proposal are far more volatile than traditional pensions. In the Daily News piece, DiNapoli points out that the current defined benefit retirement plan for state workers is sustainable and affordable.
DiNapoli has been a tireless advocate of retirement security for public workers and recently participated in a panel organized by the National Public Pension Coalition – of which AFSCME is a leading member. He calls Governor Cuomo’s proposal to create the new, riskier pension system “unacceptable.”
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