Tier VI - March 15, 2012Today in Albany, pension legislation was passed (Tier VI) that will affect all City and State employees hired in the future. As you are well aware, on June 3, 2009, former Governor Patterson vetoed sunset provisions of Tier II pension laws, which effectively placed new police and fire (NYC) hires into Tier III. However, no UFA new members have been placed in Tier III as a result of the hiring freeze brought on by the DOJ lawsuit.
Today's legislation will affect future FDNY and NYPD members in a limited way. Their pensions will be based on the final 5 consecutive years' average salary, which replaces the final 3 consecutive years under Tier 3. Many other unions' future hires (City & State) were more severally impacted by today's legislation.
We remain optimistic that the City will restart negotiations with the UFA. Our goal is to restore benefits that future hires lost when Governor Patterson vetoed Tier II.