July 8, 2010
For Immediate Release
Contact: 716-310-2062

JACK QUINN CALLS ON ATTORNEY GENERAL CUOMO TO ADOPT THE
ASSEMBLYMAN’S 21st CENTURY PENSION RELIEF PLAN

Assemblyman Jack Quinn (R, C, I – Hamburg) today applauded Attorney General Andrew Cuomo’s continued investigation into cases of pension padding that are costing taxpayers millions of dollars annually.

“I am certainly pleased that, Attorney General and Gubernatorial Candidate, Andrew Cuomo has echoed my calls for the elimination of pension padding, but substantial pension reform must address the multitude of inequities in the system, and above all, take action to control the ballooning costs of the state’s public pension system. My 21st Century Pension Relief Plan proposes a far more comprehensive overhaul of our current pension system and I welcome the Attorney General’s support.”

Quinn’s plan would adopt a defined contribution model of providing public employee’s benefits, transitioning New York away from the unaffordable and outdated defined contribution pension system. Quinn’s proposed plan is already utilized by SUNY and CUNY employees and mirrors the vast majority of private sector retirement plans offered in the modern workplace.

“The simple fact is that our current pension system has bloated up to unsustainable levels. Taxpayers are paying $2.5 billion annually, which equates to $486 per resident and $625 per household. New York State needs to start acting on behalf of the taxpayers and working families. Without substantial and immediate reforms to our generations old pension model, the current system will bankrupt our state.”

In addition to establishing defined contributions for new employees and putting an end to pension padding, Quinn’s 21st Century Pension Relief Plan also proposes mandatory pension forfeiture for convicted felons, eliminating double dipping, immediately ending taxpayer provided pensions for elected officials and political appointees, and repealing state tax on private 401k retirement plans.

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