Six-Figure NYC School Pensions Quadruple

| Press Releases

The number of six-figure pensions paid to retired New York City education professionals has more than quadrupled since 2008, according to data posted today on SeeThroughNY, the Empire Center’s transparency website.

A total of 3,416 New York City Teachers’ Retirement System retirees last year received pensions of $100,000 or more, up from 3,029 in 2017 and 856 in 2008.

In 2008, the highest pension was $205,108, paid to then-retired Deputy Chancellor Carmen Fariña. Last year, 50 retirees received pensions larger than the 2008 maximum, with 11 retirees exceeding $300,000 and five topping $400,000. The highest pension went to retired CUNY professor Edgar McManus, who last year received $561,754.

The 838 teachers, college instructors, and school administrators who retired in 2017 with at least 30 years of service credit last year received pensions averaging $71,562, an 8 percent increase over 2016 retirees’ first-year pensions.

These data are made public thanks to the Empire Center’s successful court challenges against efforts by public agencies to conceal information from taxpayers. The Center remains involved in litigation to protect and expand the public’s ability to examine public pensions and spending.