Scribd Logo
Upload

Welcome to Scribd!

  • Nfib

    Uploaded by

    Rick Karlin
    4K views3 pages
    Sen. Dean skelos and adm. Sheldon silver: we support a Tier VI retirement plan. A defined contribution plan is a much better option for future employees, they say. If you abandon the defined contribution component, that decision will be met with disappointment.

    Original Description:

    Original Title

    nfib

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    Sen. Dean skelos and adm. Sheldon silver: we support a Tier VI retirement plan. A defined contribution plan is a much better option for future employees, they say. If you abandon the defined contribution component, that decision will be met with disappointment.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    4K views3 pages

    Nfib

    Uploaded by

    Rick Karlin
    Sen. Dean skelos and adm. Sheldon silver: we support a Tier VI retirement plan. A defined contribution plan is a much better option for future employees, they say. If you abandon the defined contribution component, that decision will be met with disappointment.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 3

    March7,2012 TheHonorableDeanSkelos SenateMajorityLeader LegislativeOfficeBuilding,Room909 Albany,NY12247 TheHonorableSheldonSilver AssemblySpeaker LegislativeOfficeBuilding932 Albany,NY12248 HonorableMajorityLeaderSkelosandAssemblySpeakerSilver: Asyouknow,inNovemberoflastyearwecreatedLetNewYorkWork:ACommonAgendaforthe CommonGood,anhistoricpartnershipbetweenbusiness,educationandmunicipalleaders.Itisasix pointplanthatwefirmlybelievewillhelpmakeourcommunitiesaffordableyetstillprovideanexcellent educationtoourchildrenandvitalmunicipalservicestoourtaxpayers.

    s.Asignificantpieceofthatplan wasthecreationofaTierVIretirementplanthatofferedbothadefinedbenefitandadefined contributionoption.Wewereverypleasedwhenthegovernortooktheboldinitiativetoincludethis conceptinhis201213statebudget. Asacollectivevoice,wehaveweighedintosupporttheproposal.Manyofushavegoneonrecord askingeachofyouandyourrespectiveconferencestosupporttheproposalfromthegovernor. Astheyearsgoon,fewerandfewerNewYorkersareremainingonasinglecareerpath.Thepension systemneedstoadaptwiththeworkforceifthepublicsectorwantstocontinuetoattractthebest

    candidatesforemployment.Thatiswhythedefinedcontributionaspectissocritical.Notonlyisit financiallybetterforNewYork,itisamuchbetteroptionforfutureemployees.Considerthispoint: Definedcontributionplansprovideemployeesthechancetobecomevestedquickly,keepall contributionswhentheychangeemployers,designapersonalinvestmentplan,andwillalltheir pensionproceedstotheirheirs.Adefinedcontributionplanallowsemployeestoexpandtheir careerchoiceswithoutjeopardizingtheirretirementplans. Butnowweareconcerned.Overthepastfewdays,wehavelearnedthatyourrespectivebudget proposalswillincludeaTierVIplan.However,weunderstandyouarenotincludingthedefined contributioncomponentaswellaspotentiallyincreasingthepayoutpercentagebeyondthe50%offered bythegovernor.Iftherumorsaretrueandyoudoinfactabandonthedefinedcontribution component,thatdecisionwillbemetwithmuchdisappointmentbythemanypeoplewhomwe represent. TheTierVIasproposedinnotonlyfairtofutureworkers,itisfairtotaxpayers.Theproposalis estimatedtosaveNewYorktaxpayersroughly$113billionover30years.Thatissimplytoolargea savingstoleavebehind. Asyouworktoadvanceyourbudgetplans,pleaseknowthatTierVIshouldbepassedanditmust includeadefinedcontributionoption.Whilethedefinedbenefitchangessavemoney,thedefined contributionisthetransformativepiecethatweneedandfutureworkerswant.Itwillbeasignificant legislativechangethatwillshowtaxpayersthatitisnotjustbusinessasusualinAlbany. WerespectfullyaskthatyoufulfillyourcommitmenttothetaxpayersofNewYorkandsupportTierVI withadefinedcontributionoption.WeimploreyoutodowhatisrightforNewYork,forourtaxpayers andforourfutureworkers. Sincerely,

    BrianSampson ExecutiveDirector,UnshackleUpstate

    MikeDurant NewYorkStateDirector,NFIB

    TimKremer ExecutiveDirector,NewYorkStateSchoolBoardsAssociation

    BobReidy ExecutiveDirector,NYSCouncilofSchoolSuperintendents

    PeterBaynes ExecutiveDirector,NYCOM

    WilliamMooney President,WestchesterCountyAssociation

    You might also like