Silver: Cuomo's 401K Plan Has Many 'Pitfalls'

Wednesday, February 01, 2012

State Assembly members are questioning Governor Andrew Cuomo's proposal to use 401Ks as a retirement option for future state workers.

“I think it has very many pitfalls,” said Assembly Speaker Sheldon Silver. “I don’t want to see people who’ve worked 40 years basically not be able to retire.”

A plunge in the stock market could wipe out the savings of someone on the brink of retirement, he said.

Silver agrees with the governor’s proposal to stop employees from using overtime in their last years of state service to artificially boost their salaries and pension rates.

The speaker said there have been some “abuses” and that some of the costs need to be “reined in.”


More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.


Latest Newscast




WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public


Supported by