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News Link • Government Debt & Financing

Bloomberg Plans To Slash Benefits, And Raise The Retirement Age

New York City's pension was on track to run out of money in ten years. Thus no one is surprised that Bloomberg has proposed for major reform. The key changes include raising the retirement age from 57 to 65. He also wants to up the minimum term of employment from 5 to 10 years. Additionally he would proscribe practices like adding accumulated overtime to final year pay to boost pension benefits. The first two changes are constitutionally protected and require support from the state. Normally this would be unlikely, but in 2011 there's a pension crisis everywhere from Albany to Greece. Here are the full details from the Mayor's press office, via the NYT:

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