Feb. 28, 2012 – New York State Comptroller Tom DiNapoli says his preference for defined benefit pension plans over savings models like defined contribution is based on a philosophical belief that the traditional model is better.
The comptroller is a vocal critic of New York State Governor Andrew Cuomo’s proposal to adopt a DC model for public sector employees. The traditional model, DiNapoli says, is more cost-effective, provides better investment returns for the state, and is the best system for providing income security in retirement (for more on that, click here).
The governor recently said the comptroller’s stance on pensions is political, an observation refuted by DiNapoli who says his views on pensions are well known and long-established.
For more, read this story.
• ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans.
