It's no surprise Speaker Sheldon Silver is not on board with the Governor's pension reform plans although it would not affect existing employees except for limiting the practice of spiking overtime in order to enhance pensions draws.
The problem with the system is evidenced by the universal efforts to game the system. A 401 K style defined contribution plan is portable and predictable as what is put in is what is there.
The current definied benefit plan often results in benefits far in excess of what is contributed by the employee and more so , by the employer. That is why in 2015 local governments will be contriburting over 30% of a police or fireman's annual pay into the system in order to sustain current year benefits.
That's right, in order to keep the checks flowing, an $80,000 a year cop will see the municipality he works for put $25K + into the retirement system in order to cover current year benefits. That kind of math explains why anyone would want to stay in this system rather than just have the money contributed so far.
New York Assembly Speaker Sheldon Silver not totally with Gov. Cuomo on pension reforms - NY Daily News