New York City Pension Fund
- New York City officials estimate the pension debt at $65 billion, but the Manhattan Institute estimates the debt at $142 billion
- New York City pension plans assess the return on long-term pension investments to be 7%, when the real return on long term bond investments is closer to 2%.
- Today, 11% of the budget of New York City is devoted to servicing the pension plans of its retirees
- New York City increased benefits to retirees in the early 2000’s – without the funding to do so. That move has costed the city more than $13 billion to the pension bill in the decade following.
- New York City made a new rule in the early 2000’s that exempted most city employees for having to contribute to their pension plan during their employment.