Saturday, December 05, 2009
New York State "reforms" pensions for its own employees
A New York Times editorial, “A Little Pension Refore”, on Saturday Dec. 5 describes a “reform” in pensions for New York State employees, link here. The reform raises the retirement age to 62 from 55, and limits the amount of overtime pay that can apply to pension calculations.
This reform goes along with the idea that employers need to keep people working longer. I “retired” from private industry at 58, when forced to during a downsizing, with somewhat of a decent pension payment given the amount of service and other circumstances. But that’s not a sustainable pattern for everyone.