New York legislators have approved a pension change that will reduce benefits for new state and local workers. The change is expected to save the state $80 billion over the next 30 years. The bill was a proposal from the Governor, who said that he change was necessary for the state's fiscal health. In addition to reducing benefits, the plan increases contributions for some workers and raises the retirement age.
See "New York cuts pension benefits for public workers", Dan Burns, Joan Gralia and Lisa Lambert, Reuters, March 14, 2012