Gov's 401k-ompromise

NY Post - February 28, 2012


ALBANY -- Gov. Cuomo hinted yesterday he could drop a 401(k)-style option he wants as part of a major pension overhaul after asking the state's mayors to help him push the plan.

Calling himself a "veritable Gumby," Cuomo told reporters he was "born flexible" when asked if he would sacrifice the 401(k) option for a deal with lawmakers to reduce pension benefits for future government workers.

"I'm not saying, 'This is my plan; it's my way or the highway,' " said Cuomo, after he spoke to the New York State Conference of Mayors and Municipal Officials here.

Last week, Cuomo noted the 401(k) option would account for about $8 billion of the projected $113 billion, 30-year savings from his proposal that also raises retirement ages and increases employee contributions, among other measures.