Business Council statement on passage of pension reform

ALBANY, NY (03/15/2012)(readMedia)-- "The pension reform agreement reached today is an important step in the right direction. For the first time, we have a public employee pension system that contains the option of a defined contribution plan for some future non-union public employees. The private sector has already moved to these plans as a response to financial realities, and we expect the public retirement system - which we support with our tax dollars - to do the same.

We are also pleased that the bill includes provisions that will reduce pension padding and eliminate pension fraud and abuse. The plan will reduce the cost to New York taxpayers and businesses by more than $80 billion over the next 30 years.

Fiscal reform in New York is uniquely challenging, and we are encouraged by the Governor and Legislature's efforts to create an environment that encourages job growth."

- Heather Briccetti, President and CEO of The Business Council of New York State, Inc.

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