ALBANY — A new analysis of Gov. Cuomo’s proposal for a less expensive pension system for future hires shows it can’t be in place by April 1 as planned, would cost up to $16 million to implement and would restrict salary calculations to the level of the governor’s pay.

The “fiscal note” issued by actuaries in the state Comptroller’s Office yesterday analyzes Cuomo’s plan for a “Tier VI” that would include an option for a 401(k)-type retirement plan.

The analysis says the proposal would also cost the state “millions of dollars” on an ongoing basis and local governments more.

For future hires who choose a pension rather than a 401(k), salaries for pension calculations will be capped at the governor’s $179,000 salary.

Cuomo has proposed higher employee contributions and 12-year vesting, up from the current 10 years, for new public employees who opt for a “defined benefit” pension plan.