Public workers in Wisconsin aren?t alone in facing changes to their pension plans. The New York state legislature at 3 a.m. Thursday morning approved an overhaul of its retirement system, including raising the retirement age from 62 to 63 for new hires and requiring employees to increase by up to 3 percent more the portion of their salaries that goes toward their pension. It also allows some higher-paid new hires to opt out of the system in favor of personal accounts, like a 401(k).
Office of Strategic Communication