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The new pension reform plan announced by Gov. Andrew M. Cuomo, Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos as part of the state budget negotiations will greatly benefit New York City and the entire state. The passage of this sweeping pension reform plan will save state and local governments more than $80 billion over the next 30 years.

In particular, pension reform will save New York City $21 billion. Our legislative leaders have shown extraordinary determination and deserve immense credit for addressing the critical fiscal challenges facing state and local government.

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