ALBANY, N.Y. — New York Gov. Andrew Cuomo's proposal to establish a new, less generous pension system for future state, local and school employees is expected to face resistance in the waning days of the current legislative session.

Assembly Majority Leader Ronald Canestrari said the bill introduced Wednesday, while expected, will face a lot of opposition, though economic forces are exerting pressure on the state as well. The Assembly Democratic Conference hasn't discussed it yet and has to develop a consensus, he said.

"The governor has a way of getting what he wants and he has shown flexibility on his proposals. We'll have to see how this plays out," Canestrari said. "The clock is ticking."

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.