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There is no public pension crisis in New York City or New York State, writes Harris Lirtzman, former Director of Risk Management for the New York City Retirement Systems in the NYC Comptroller’s Office from 1996-2002 and former Deputy State Comptroller for Administration from 2003-2007, on the blog Perdido Street School. Anyone who is trying to conjure a “pension crisis” is willfully ignoring facts, writes Lirtzman.
New Jersey, Illinois, Michigan and Rhode Island are the states with the most significant actual pension problems, verging on “crises,” caused almost entirely by years and years of the state failing to make mandated minimum employer contributions to keep their pension systems solvent. New York State and New York City are awash in cash as tax revenues from soaring sales of residential and commercial properties roll in and personal income and sales tax proceeds exceed every recent projection and are making current contributions to their pension plans.
In 2013, the New York City Teachers Retirement System (TRS) was funded at approximately 63% of accumulated retirement benefit obligations and earned 11.9% on its $38.3 billion investment assets. In 2013, The New York State Teachers Retirement System was funded at approximately 88% of accumulated pension obligations and earned 13.7% on its $82.7 billion investments assets. There is no pension “crisis” in New York City or New York State that would warrant, even by the Post’s own credulous standards, the sort of panic that such an article will engender.
No politician in New York City or New York State will take on public pension fund systems directly by attempting to reduce the benefits paid to current retirees or accruing to current employees. They cannot do that because pension benefits are a constitutional obligation of the State of New York and a contractual obligation of the City and State as employers.
The only time that a state constitutional protection has been abrogated other than by some change in the constitution itself occurred two years ago in Detroit, when a federal bankruptcy judge, relying on long-standing precedent, ruled that the Michigan State constitutional protection against the diminishment of already accumulated pension benefits does not apply when a municipality of the State, in this case, Detroit, declares bankruptcy.
Neither New York City nor New York State is approaching bankruptcy, and there is no pension crisis in the city or state. Period.