The Governor’s Tier 6 Proposal is a Complete Failure
Don’t believe the Gov’s lies about a Tier 6.
Tier 6 will cost us money up front. Even New York’s Comptroller, Tom DiNapoli, says it would cost between $6 million to $17 million to implement. And a significant part of the plan includes Maddoff style private 401K’s, the kind that carry increased fees for individuals, hidden costs, and increased risks. And worst of all, each new teacher that is kept from joining the Teacher’s Retirement System, or TRS, decreases the potential long-term funding of the plan. When the rest of us retire, there may not be enough young members contributing to fund the system.
The truth is that our TRS Plan is one of the strongest and most sound investment plans in the country. The system is fully funded. Contribution rates, for members AND employers aren’t even close to an historic high. And 76 percent of pensions in NY are less than $30,000 a year. That doesn’t sound like anyone is getting rich off the backs of New York taxpayers.
Your voice makes a difference. Please call the Gov’s office today and say no way to Tier 6. Tell him New York can’t afford a Maddoff style retirement system.