The Chautauqua County Chamber of Commerce and Manufacturers Association support Governor Andrew Cuomo’s proposal to add a sixth tier to New York’s public employee pension plan.
The measure has come under fire from State Comptroller Thomas DiNapoli, who believes it would cost New York State government anywhere between $7 million and $16 million to start up and operate the altered system, with additional costs expected to be passed along to local governments. Governor Cuomo believes a Tier VI Pension Reform would save the state more than $100 billion over the next 30 years.
Local Chamber officials say New York State’s budget is in need of reform in several areas. Two of them are critical for the future of the state’s fiscal health: Medicaid spending and pension reform.
According to an analysis by the Business Council of New York State, failure to adopt the new Tier VI program means New York taxpayers would be saddled with an additional $123-billion tax burden. Chamber officials say it is not acceptable and the state must take action to curtail spending, and Tier VI is one step in the right direction.
The chamber is urging businesses and residents to make their voice heard in favor of the Tier VI plan by taking part in an e-advocacy campaign at http://fixnys.org.
LEGISLATIVE BREAKFAST IS THIS MORING
The Chautauqua County Chamber of Commerce State Legislative Breakfast will take place later this morning at the Lakewood Rod & Gun Club. This annual event allows local business people to meet directly with State Senator Cathy Young and Assemblyman Andrew Goodell. Registration will begin at 8:00am, followed by breakfast at 8:30. Reservations were required prior to today’s event.