Press releases

Albany approves deal to cut retirement benefits for future public employees

New York State lawmakers, at the urging of Gov. Cuomo, voted on March 15 to cut the retirement benefits for future public employees including New York City public school teachers. The legislation, which takes effect on April 1, raises the minimum retirement age to 63. It will also require most workers to increase the portion of their salaries that they contribute to the pension system, with the highest income earners contributing 6 percent.

UFT President Michael Mulgrew issued the following statement in response:

As a union of professionals dedicated to children, the UFT is deeply disappointed in Governor Cuomo and the Legislature for their agreement to penalize future public workers around the state for the mistakes made by Wall Street. The new Tier 6 is a victory for the 1%.

The bill has no effect on current employees who now participate in our pension plan, nor on current retirees.  We are still studying the details of the legislation to determine its effects on future members of the retirement system.   However, any members who are not now pension plan participants should join the pension plan immediately in order to be eligible for the current level of benefits.

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