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NY Governor Proposes Pension Plan Changes

The New York state Governor, Andrew Cuomo, has proposed changes to the New York State Pension System.

The New York state Governor, Andrew Cuomo, has proposed changes to the New York State Pension System, Bloomberg reports. The governor has proposed to raise the minimum retirement age to 65 from 62 for most workers.

Cuomo has also asked to increase the minimum years of work for employees for a pension to 12 years from 10 years. Workers will also have to contribute 6% of their salaries from a previous 3% as per the proposal, adds The Wall Street Journal.

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