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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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.
Starting next year, New York's state government plans to (finally) stop deferring a portion of its annual required pension payments—but over the next 10 years, it will still have to repay $3.3 billion it owes on pension fund borrowings since fiscal 2011.
The New York State Teachers' Retirement System (NYSTRS) earned only 5.2 percent on its investments—well short of its assumed rate of 8 percent—during the fiscal year ending last June 30.
But taxpayer contributions to NYSTRS, already due to drop by more than four full percentage points of covered payroll in school year 2015-16, nonetheless are projected by the system actuary to decrease by a little bit more (up to 1.76 percentage points) in 2016-17.