New York fattens pension plans against city’s wishes
New York has paid $60 million over the past six years for a “Christmas bonus” to correction officers as part of their pension plans, and the bonuses will eventually cost around $100 million a year.
New York has paid $60 million over the past six years for a “Christmas bonus” to correction officers as part of their pension plans, and the bonuses will eventually cost around $100 million a year. That pension increase, along with several others, was approved by the state legislature over the protests of the city government that would have to pay for the pensions, according to The New York Times. Also, differing calculation methods show that the city’s pension funds are either fully funded or have a $49 billion shortfall.
http://www.nytimes.com/2006/08/22/nyregion/22pension.html?ref=nyregion
Tags: Administration
