Analysis shows NY state pension funds are $120 billion in red

Vince Coglianese Contributor
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ALBANY — New York state’s public pension funds are underfunded by a staggering $120 billion — and taxpayers will have to shell out an additional $8.5 billion a year by 2015 to keep them in the black, according to a report released yesterday.

The analysis by the business-backed Manhattan Institute estimated that taxpayers’ contributions to the state Teachers Retirement System could more than quadruple to $4.5 billion in 2015 from $900 million this year.

Similarly, the amount state and local governments will have to pay into the state’s main pension fund for other public employees would double to nearly $4 billion — even if most localities opt into a borrowing scheme approved this year by lawmakers to soften the blow.

via Analysis shows state pension funds are $120 billion in red –

Tags : new york
Vince Coglianese