New York State AFL-CIO Questions the Need for Pension Reform

ALBANY, NY (07/14/2011)(readMedia)-- The following is a statement from Denis Hughes, President of the 2 ½ million member New York State AFL-CIO:

"It is interesting to note that on the same day the media is reporting that Governor Cuomo has made limiting retirement benefits for new state and city workers his top priority next year, it has also been announced that the Common Retirement Fund achieved a 14.6% rate of return for the 2010-2011 fiscal year. At the very least, this certainly calls into question the need for so-called "pension reform". It also begs the question: Why do middle class working men and women, particularly public employees, continue to be targeted for sacrifice, in light of the fact that a new pension tier, Tier V, was signed into law less than two years ago."