What's this about?
Since 2010, newly created pension tiers (Tier 5 and Tier 6) have been enacted that reduce the retirement benefits for newly hired public employees, including public school teachers and School-Related Professionals.
Tier 6 requires public employees to work until age 63, up to 40 years, in order to retire without penalty. Public employees in Tier 6 can no longer retire at age 55 with 30 years of service without suffering from significant penalties that reduce their overall pension.
Tier 6 was imposed on our members by Gov. Cuomo in 2012, one of his many attacks on our members, public education, and public employees in general.
While still a defined benefit pension that our members cannot outlive, how much a member will receive in retirement, how long they are required to work for this lesser amount, and how much they must pay for it is far different than their Tier 4 and Tier 5 co-workers.
Thirty years is a career: public employees should be able to retire with a secure retirement after 30 years of service, without penalty.
