Cuomo Threatens Government Shutdown Over Pension Reform

[WNYresident]

This is cool.



Cuomo Threatens Government Shutdown Over Pension Reform

[Frank Broughton]

So we who have no vote matter not, marvelous... cool on the pension issue, yes... but his idea of what we can afford is still up for debate.

[nickelcityhomes]

Please shut it down. PLEASE!

[WNYresident]

It is out of hand. The people on the receiving end will never see it that way though.

[Deerhunter]

The state will save a lot of money if it shuts down and only necessary jobs function. Do it til cuomo gives in. Tier 5 is enough of a decrease in public pensions. Cuomo simply wants to put his stamp on this issue to enable him to run for higher office. Shut it down, call his bluff.

[dtwarren]

The state will save a lot of money if it shuts down and only necessary jobs function. Do it til cuomo gives in. Tier 5 is enough of a decrease in public pensions. Cuomo simply wants to put his stamp on this issue to enable him to run for higher office. Shut it down, call his bluff.

Absolutely, there will be no short term savings and only nominal savings over the current Tier V in the long term.

Why doesn't he stop the practice of retaining provisional appointments in excess of 9 months? Why is no one talking about excluding from the calculation of a person's final average salary wages from provisional appointments in excess of 9 months? Because that is how Andy and those in power reward those who work to get them into power and retain that power. If you throw those two reforms into pension reforn not even Andy will support it.

[Frank Broughton]

Absolutely, there will be no short term savings and only nominal savings over the current Tier V in the long term.

Why doesn't he stop the practice of retaining provisional appointments in excess of 9 months? Why is no one talking about excluding from the calculation of a person's final average salary wages from provisional appointments in excess of 9 months? Because that is how Andy and those in power reward those who work to get them into power and retain that power. If you throw those two reforms into pension reforn not even Andy will support it.

Excellent observation Mr. Warren - excellent. Is this all fluff? Perhaps the unions are in on it to defer the reality of the problem - we can no longer afford the gravy train in NY and it the corruption of the system that is the issue, such corruption that you have pointed out.

[Linda_D]

Excellent observation Mr. Warren - excellent. Is this all fluff? Perhaps the unions are in on it to defer the reality of the problem - we can no longer afford the gravy train in NY and it the corruption of the system that is the issue, such corruption that you have pointed out.

There is not going to be any real savings for 20 plus years, because there are millions of state and local currently in the pension system in tiers 4 and 5 who aren't likely to leave for 20 plus years. There are also millions of retirees. All of these pensions are guaranteed by the state constitution BTW.

[Dougles]

The simple answer is to tax all pensions in NYS, you can exempt the first $15K, but tax the rest as income.

[Genoobie]

Even though I pay taxes on the money going in, yes I think taxing pensions would be fine. If we use today's dollars for analysis and I retired today with 30 yrs and 60% of final salary, my pension would be approx. $45K. This is more than I make now with a family and a mortgage and all the other financial obligations. I'm willing to advocate for change as long as the money would go toward improving the outlook for our children's future and not filling in potholes. Let's do things to make this country great, not by selling Nintendo games and bottled water, but real innovation. That would require some regulation of the market god forbid...

[dtwarren]

The simple answer is to tax all pensions in NYS, you can exempt the first $15K, but tax the rest as income.

Why would you do this and wipe out the market for Roth IRAs?

[Frank Broughton]

my pension would be approx. $45K.

For a teacher? That is criminal!

[WNYresident]

Even though I pay taxes on the money going in, yes I think taxing pensions would be fine. If we use today's dollars for analysis and I retired today with 30 yrs and 60% of final salary, my pension would be approx. $45K. This is more than I make now with a family and a mortgage and all the other financial obligations. I'm willing to advocate for change as long as the money would go toward improving the outlook for our children's future and not filling in potholes. Let's do things to make this country great, not by selling Nintendo games and bottled water, but real innovation. That would require some regulation of the market god forbid...

You invest an extremely little amount towards the pension. I'm not saying it is wrong or right. I don't think people realize how little actually is invested versus what is received at the end.

We can end the entire argument by allowing each employee invest their own money for their own retirement like the majority of people do.

[Dougles]

Why would you do this and wipe out the market for Roth IRAs?

How so?

[wnyerlaughs]

There is not going to be any real savings for 20 plus years, because there are millions of state and local currently in the pension system in tiers 4 and 5 who aren't likely to leave for 20 plus years. There are also millions of retirees. All of these pensions are guaranteed by the state constitution BTW.

true dat. So let's start saving more quickly: Consitutional Convention to remove the exemption from state income taxes. It's interesting (and hypocritial) to see and hear the union PAC tv/radio ranting against the pensions being changed, yet nary a peep about the FACT that they don't pay state income taxes for the entire lifetime that they wil be collecting those payouts. Hey, im all for the "no taxes"...so...andy, reduce EVERYONE's income taxes across the board.

MM if the unions dont want the pension system amended, then ,they can simply offer in negotiation, and QUICKER savings for NYS, "okay,, how about we start paying state income taxes on the pension payouts".

Pretty simple actually. the state income tax exemption is indefensible (legally yes, but morally and ethically, no).

So..im all for not changing the tirs YET.....let's either get rid of the income tax exemption for pensions (just like 40 other states...and they're somehwat healthier than NY is)....OR,,,,make pension, retirement income FULLY tax exempt for PRIVATE sector retirees in NY.