From the NY Post:
Bowing to union pressure, legislators are proposing a sweeping pension bill that would allow thousands of state and city government workers to retire early with full benefits — at a cost of hundreds of millions of dollars to taxpayers, The Post has learned.
The early-retirement push clashes with Gov. Cuomo’s drive — backed by Mayor Bloomberg — to scale back pension costs.
The Assembly measure would allow public employees, including city teachers, to retire with full benefits at age 55 with 25 years of service.
Many public employees have to work at least 27 or 30 years before earning full retirement benefits. Others have to work until age 62 to qualify.
The bill’s sponsors admitted it would increase the state pension system’s cost by $167 million and boost city pension costs by tens of millions of dollars.