OK—I admit it. Those protestors outside our
pension reform event in Albany today did get one thing right. I do think people need to “gamble” some of their retirement savings on Wall Street.
Memo to picketers: you do realize, don’t you, that
this guy already is gambling retirement money on Wall Street? In fact, he’s now got more than $150 billion riding on Number 7.5 (as in, percent assumed annualized return). If you’ve live in New York City, this guy has got more than $100 billion of your money riding on Number 8 (ditto).
You didn’t think the money was in
Al Gore’s locked box, did you?
(Thanks to Rus Sykes for holding the sign up for the camera.)
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DiNapoli announced today that he's approved a recommendation by the State Retirement System Actuary to reduce, from 6.8 percent to 5.9 percent, the assumed rate of return (RoR) on investments by the $268 billion Common Retirement Fund, which underwrites the New York State and Local Employee Retirement System (NYSLERS) and Police and Fire Retirement System (PFRS), of which the comptroller is the sole trustee.
There are several (dozens? hundreds?) of unanswered questions as the fallout from Andrew Cuomo's resignation earlier today continues. Among those are questions related to his pension, some of which can be answered, sort of.
The New York State Teachers' Retirement System (NYSTRS) will reduce its pension contribution rates for a third consecutive year in 2017-18, even though the pension fund's investment returns came in well below its target rate in fiscal 2016.
The Empire State's largest public pension plan still has not fully recovered from the financial crisis and Great Recession of 2008-09, a new report from the state comptroller's office confirms.
New York's largest public pension fund earned 2 percent in its first fiscal quarter—which isn't necessarily good or bad news for taxpayers.
Taxpayer-funded pension contributions in New York City will need to increase by a total of $732 million between fiscal years 2018 and 2020 due to the pension funds' paltry investment earnings in the recently concluded 2016 fiscal year, City Comptroller Scott Stringer has just disclosed.
Following his conviction on federal corruption charges, former Senator Dean Skelos apparently will qualify for a public pension of up to $95,590 a year.
Still betting far too heavily on the stock market, New York State's main state and local government pension fund lost money in the first half of its current fiscal year.