July 9, 2010

Hauppauge, NY -- Suffolk County Executive Steve Levy called upon the State Legislature to pass radical reforms to the state’s pension system to prevent its collapse, and to end abuses of the system through excessive overtime.

Levy once again called for these changes on the heels of reports indicating that the state’s pension system is on the verge of imploding.  In his comprehensive Contract for New York, Levy had called for a privatization of the pension system for incoming employees who would have to follow a 401(k) type of a program, as opposed to the defined benefit that is presently in play.

Additionally, Levy called for a new law that would further limit the amount of overtime that could be credited towards base salary for an employee’s pension.  This type of change can be applied to employees immediately, he said.

“The state’s public pension system is not only ready to implode but is causing a major headache for local taxpayers,” Levy said. “Suffolk County alone will have to come up with 50 million additional dollars next year just to pay for increased pension costs.  This is simply unsustainable for a state that is already one of the highest taxed in the nation.”