New York City’s pension costs will reach nearly $8.8 billion in the coming 2016 fiscal year — more than double the 2006 level and nearly eight times the 2001 amount. Yet now, with a week to go in the state legislative session, Albany is poised to drive those costs even higher. Read More
An influential state lawmaker from Brooklyn is blasting Mayor de Blasio for holding up legislation that boosts pension benefits for injured cops and firefighters. Read More
New York State's largest public pension fund earned 7.16 percent — short of its 7.5 percent target — during the fiscal year ending March 31, state Comptroller Thomas DiNapoli announced today. The $183.5 billion Common Retirement Fund, of which DiNapoli is sole trustee, had previously announced a first-quarter gain of 3.8 percent, a second-quarter loss of 0.52 percent and a third-quarter gain of 1.91 percent. Read More
Last week, the Illinois Supreme Court struck down a desperately needed overhaul of that state’s massively underfunded pension system. The case has chilling implications for Albany as well as Springfield — and for New York City as well as Chicago. Read More
Many municipalities in New York have begrudgingly borrowed to pay off annual pension costs in recent years, but they are doing less of it, state records show. Read More
Following a court ruling ordering the New York City Fire Pension Fund to release the names and pension amounts of retirees, the Uniformed Fire Officers Association is vowing to continue efforts to keep the records from being made public. Read More
Calling the ruling "another win for transparency," a state judge has ordered the New York City Fire Pension Fund to release the names and pension amounts of its retirees to a fiscal watchdog group. Read More
A legislative proposal aimed at the heart of Albany power seeks to address the increase in six-figure public pensions by barring the use of overtime pay and unused sick time and vacation days in their calculation. Read More