New York City's retirement plan for municipal workers is growing more underfunded despite increases in the share of the city's budget to pensions.
And the city's new mayor, Bill de Blasio, is devoting little focus to the issue, The New York Times reports.
From 1999 to 2012, the pension plan for general city workers plunged to 63 percent funded from 136 percent. Meanwhile, New York City is set to devote $8 billion next year to all municipal workers' pensions, up more than 1,100 percent from 2000.
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Government pensions across the board are underfunded.
ReplyDeleteShoulda been conservative like Md with their pensions.We don't get as much as those who live in NY,but we get our pensions as promised.Something is better than nothing.
ReplyDelete