PENSION ALERT!

NOW IS THE TIME

...to Call the Governor's Office at 1-877-373-7920 to urge that he sign the Tier Reinstatement (S5944/A8311) and Tier Equity (S3382A/A5390) legislation. The Tier Reinstatement and Tier Equity bills were delivered to the Governor on Monday, December 6, 1999. He now has 10 days to sign or veto these bills.

NYS Public Employees must now increase pressure on the Governor to sign these pension bills. Call the Governor's Office daily for the next 10 days to convey your support. Also, contact your NYS Senator and Assemblymember to urge that he/she call the Governor on your behalf about signing Tier Reinstatement and Tier Equity.

If you have any questions about Tier Reinstatement and Tier Equity, please call the PEF Legislative Office at 1-800-724-4997.

Tier Reinstatement (S5944/A8311)

Many workers have been forced to leave state service because of family circumstances, relocation or other events beyond their control, and then return to public employment in a later pension tier with less favorable benefits. In many cases these workers have lost their tier status. It is only fair to allow members to return to their original tier based on their first date of employment. A bill was adopted in December 1998 to allow tier reinstatement for members of teachers retirement systems. This bill would expand this right to all public pension systems including the state retirement system.

Tier Equity (S3382A/A5390A)

This bill would move benefits for Tier 3 & Tier 4 closer to equality with Tier 2. It reduces the penalties that apply if a member retires between ages 55 and 62. Under present law the penalty in Tier 4 can be as high as a 38% reduction in pension. This bill would make the Tier 3 & Tier 4 penalties equal to Tier 2, where the maximum penalty is 27%. This would not only make the system more equitable; it would also give workers more options in planning for a secure retirement.