We are petitioning  you, Governor Hochul, to remove  AMENDMENT # 70043-04-5 from the upcoming NYS budget. This bill puts at risk those in NYCTRS, BERS and NYCERS, three NYC pension systems. The Firefighters and Police declined to participate in this underfunding scheme.

We understand the Assembly has just approved it. Sadly, this bill, dated February 20, 2025:, left little time for active employees and retirees affected by this underfunding, to learn about it, and express their disapproval and concern. It actually came to our attention inadvertently through watchdogs, about one and a half weeks ago. This was, in our opinion, surreptitious, capricious, risky and blatantly unfair to those relying on these pension plans that they worked decades for in NYC and to those working currently to build the solvent pension that has been promised. Since some of the pension's funding comes from investments in securities, which can be volatile and unpredictable, decreasing the funded percentage of the pensions seems irresponsible.  It is our understanding that this originally had Henry Garrido's and Michael Mulgrew's endorsement.  Michael Mulgrew walked back his endorsement on March 10, 2025, just three days ago. Additionally NYC Comptroller Brad Lander does not support this bill. Mr. Lander gave a recent sobering reminder to the NYC Council Committee on Finance that the goal was to fund the pensions 100% by 2032, and AMENDMENT # 70043-04-5 would work exactly against that critical and indispensable goal. 

Governor Hochul, please remove Bill# 70043-04-5 underfunding

NYCTRS, BERS and NYCERS