New York Legislature Approves Cuomo-Backed Pension Overhaul

By Freeman Klopott, Bloomberg

The New York (STONY1) Legislature approved much of Governor Andrew Cuomo’s pension overhaul by raising the retirement age for most new workers and for the first time offering a 401(k)-type option to some nonunion employees.

The deal was among a package of bills passed yesterday and today during an all-night session in Albany that redraws voting district lines, sets up a teacher-evaluation system, authorizes a constitutional amendment that would legalize casino gambling and expands a criminal DNA database. The governor, a 54-year-old Democrat, is expected to sign the measures, according to legislative leaders and administration officials.

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