This is why pension reform is a dubious prospect in New York. What sounds like a plan today can change as pension sweeteners come into play. This is also why the Governor's "smoothing" plan is criticised. The assumptions change as the system is raided.
The biggest sweetener I remember was in 2000 when the employee 3% contribution was just eliminated for anyone over ten years....That and other variables in the formulas for computing benefits can and will make Tier 6 obsolete in a few years.
While the pols and MSM will repeat the 'blame Wall Street' mantra, there is no doubt this kind of defined benefit system will be problematic and unpredictable for years to come.
By the way, I was a guest on WTNY this morning to talk about the issue. Did anyone hear the show ?
New York state lawmakers propose sweetening state worker pensions | syracuse.com