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City Hall, which shelled out $9.7 billion for its pension funds last year, or about 33 percent of payroll, should also be prepared for the worst.
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Yet, as DiNapoli suggests, those are big ifs: “The economic backdrop,” the funds’ actuary wrote, “is one of turmoil and extraordinary uncertainty.”, The comptroller blames longer lifespans and faster retirements for the bump-ups, which come after years of flat or declining contributions. And if markets do better than expected or payrolls shrink, things could improve, eventually. Your California Privacy Rights 0000002260 00000 n
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03/24/2020 New York City Police Pension Fund . DiNapoli announced that local governments and the state will have to pony up more taxpayer cash to keep the pension system sound: Their contributions to the state’s police and fire fund … 205 0 obj
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He also notes “slightly lower than expected investment results averaged over the last five years.”.