FDNY firefighters pension payouts have cooled off a bit over the last year — but the fund’s long term prognosis is still shaky, according to a report released Thursday.

Of the 420 firefighters and officers who retired in 2016, nearly two-thirds (264) were eligible for pensions worth more than $100,000, the Empire Center said in an analysis posted on its website.

That’s three in five FDNY retirees for 2016, the Albany-based think tank said.

 Seventeen of the 420 retirees had pensions over $200,000, with one firefighter eligible for a $272,530 annual pension, according to the Empire Center.
But overall, the pensions for 2016 were down a bit from the prior year.

The average payout this year is $117,914 compared to $120,799 in 2015, the report found.

The small dip might be because of a slow down in the number of firefighters claiming three-quarter disability pensions, the Empire Center said.

But overall, the FDNY pension system is still in trouble, the non-profit reported.

There are 15,606 FDNY retirees currently — and the number of six-figure pensions has risen by 20% since 2011, the Empire Center said.

That year, 1.267 retirees had six-figure pensions; now the number is 3,184.

And 102 FDNY retirees are eligible for pensions over $200,000, the report said.

The FDNY’s retirement system is “financially the least robust” of all the city’s municipal funds, the Empire Center said.

It had a net liability of $8.9 billion in 2016, according to the report.

Empire Center research director E.J. McMahon said part of the FDNY’s pension fund’s fiscal challenges stems from an unexpected wave of 9/11-related disability retirements.

“The FDNY fund didn’t anticipate the surge of disability pensions it was going to get and while dealing with that, it also had to contend with the economic recession that hurt the market,” McMahon said.

The FDNY’s steepest expenses were likely in the past, he added.

“We’re not maintaining a value judgment on any individual in the FDNY. City pension expenses overall are very high,” he said. “We’re within a few years of hitting $10 billion,which would have been unthinkable in the recent past.”

Steve Cassidy, executive director of the city’s Fire Pension Fund, said overtime related to a contentious discrimination lawsuit filed against the department in 2007 was to blame for pumped-up pension payouts.

“Much of the increase in pensions is a direct result of Judge Nicholas Garaufis’ decision to freeze hiring several years ago, which required the department to dramatically increase overtime for its members,” Cassidy said.

© 2017 New York Daily News

You may also like

State’s Growing Budget Hole Threatens NYC Jobs and Aid as Congress Takes a Holiday

“The biggest problem for the state is the enormous, recurring structural budget gap starting next year and into the future,” said E.J. McMahon of the conservative-leaning Empire Center. “Cuomo clearly hopes that starting in 2021, (Democratic presidential candidate Joseph) Biden and a Democratic Congress will provide states and local government a couple of year’s worth of added stimulus. Read More

How Andrew Cuomo became ‘maybe the most powerful governor’ in U.S.

Ed McKinley ALBANY — When the New York Constitution was reorganized nearly 100 years ago to give the governor more power over the budget process,  noted there was a risk of making “the governor a czar." M Read More

Study disputes Cuomo on Trump tax package; experts say it’s complicated

Michael Gormley ALBANY — A new study by a conservative think tank says President Donald Trump’s 2017 tax law gave most New Yorkers a tax cut, even as Gov. Andrew M. Cuomo insists on repealing the measure because he says it will cost New Yo Read More

Empire Center sues Department of Health over nursing home records

Johan Sheridan ALBANY, N.Y. () — The Empire Center filed a  against the state Department of Health on Friday. “This case isn’t about assigning blame or embarrassing political leaders,” said Bill Hammond, the Empire Center’s Read More

Good news: That New York pork isn’t going out the door after all

The Empire Center first reported Tuesday that grants — 226 of them, totaling $46 million, to recipients selected by the governor and individual state lawmakers — seemed to still be going ahead. Read More

New York Lawmakers Seek Independent Probe of Nursing-Home Coronavirus Deaths

With lingering questions about how the novel coronavirus killed thousands of New Yorkers who lived in nursing homes, a group of state lawmakers is pushing to create an independent commission to get answers from the state Department of Health. Read More

Policy analyst: Cuomo wrong to write-off nursing home criticism as political conspiracy

“The importance of discussing this and getting the true facts out is to understand what did and didn’t happen so we can learn from it in case this happens again,” Hammond said. Read More

EDITORIAL: Nursing home report requires a second opinion

No doubt, the Health Department and the governor would like this report to be the final word on the subject. But if it’s all the same with them, we’d still like a truly independent review. Read More