Tuesday, February 14, 2012

OPPOSE Tier 6 - And Protect Retirement Security

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Don't Break Our Hearts

And Protect Retirement Security
For all New Yorkers

Watch CSEA retirees speak out on proposed pension changes 

Statement of CSEA President Danny Donohue on Big Business Tier 6 misrepresentations: 

"The Business Council (the lobby for big business in New York state) Unshackle New York (another front for big business interests) and billionaire New York City Mayor Michael Bloomberg are all taking shots at state Comptroller Tom DiNapoli for standing up for working people in the Tier 6 debate. DiNapoli has raised legitimate concerns that a 401(k)-style pension option will lead to greater economic instability.
Once again, the corporate interests and the 1 percent are at it trying to demonize anyone who stands up for fairness and consideration of what's right.
Here are the facts:
  • Historically 83 cents out of every pension dollar has come from investments not taxpayers;
  • The problem is not excessive benefits - it's Wall Street greed - When investments tanked, they got bailed out and New Yorkers had to make up the pension shortfall;
  • We've all seen enough damage to retirement security tied to 401(k) plans.
  • Changing the public employee retirement system to put all the risk on employees will encourage even responsible companies to erode heir pension plans;
  • Wall Street stands to make a windfall on administrative fees if Tier 6 is enacted
It's a good thing for all of us when retired workers stay in New York and spend their modest pension benefits here after decades of service."

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