I’ve downloaded the public employee pension data for FY 2011, and find that New York City is in the same situation. Which is no surprise, because it will probably be in that situation for years, perhaps decades. The city’s pension funds are in something close to a death spiral, with 13.8% of total assets paid out every year. The national average is 7.7%, the figure for the New York State pension funds, which also cover local government workers in the rest of the state, is 6.3%. The city has 1.30 workers to every retiree receiving benefits, compared with the U.S. average of 1.69 and the 1.57 for the state pension funds. That is one year paid for a permanent vacation in retirement for every one year, four months worked, on average. City taxpayers contributed $24,701 to the pension plan for each public employee in FY 2011, compared with the U.S. average of $6,622 and the average of $6,731 for the rest of the state.
The City Actuary has said that New York City is contributing $1 billion less per year to these pension funds than is needed by his own calculation, which will have to be made up later many times over. This is the City Actuary has been in office, and seems to have felt there was no problem, for the 20-plus years when one retroactive pension increase after another has passed, the city’s pension costs have soared, and taxes have been increased and services cut to pay for it. And it has already been announced that the city will have to contribute an extra half $billion a year from now, because the rate of return was below expectations a couple of years ago. But if one looks at the actual rate of return the city is likely to achieve, and how underfunded the pensions have become under the watch of City Actuary Robert North, two Comptrollers who are running for Mayor, and a former budget director who is running for Mayor, I would say that taxpayers ought to paying into the pension funds 100.0% of benefit payments out, to prevent a death spiral that would bankrupt the city. The actual figure in 2011 was 78.9%. The spreadsheet and additional commentary may be found on “Saying the Unsaid in New York.”
Dateline: Hyde Park, NY
You gotta hand it to Dubya’s eye for talent.
The online platform is an excellent medium to connect parents and baby sitters For starters get an extra calendar just for your gifts to simplify your gift giving3s important to make sure that those surroundings are positive and promote good character traitsIf you are working servicing people ( cashier etc), set your phone down until you finish your task, You shouldn't be talking long on the phone anyway when you are working
Question colors, there is something for everyone. Star of the autumn-winter 2012-2013, the total white look will play extra time next season. Ubiquitous on the runways this Fashion Week spring-summer 2013, he plays both the minimalist neo-baroque. In costume, or combination of lace ruffle dress, the total white look is available in abundance especially in Vera Wang, Mulberry, Gucci, Chloe and Givenchy.
It's not as if the Chiefs didn't know what they were doing under Crennel,
Gone is the bend-but-don't-break style that worked well at times and suffered at others.
The Browns turned on the play clock when either Weeden or Campbell was in the huddle because offensive coordinator Norv Turner wants to run an up-tempo offense,
Raiders general manager
So as one state legislator after another is indicted, or revealed to have engaged in behavior that would be unacceptable in anyone I would call a friend, everyone is huffing and puffing. Let me clue you in on the reality. State legislators have no real power, but do not face real elections. Sheldon Silver and Dean Skelos have real power over your lives, but you don't get to vote in their elections. Those who are under indictment do. If Silver and Skelos want to keep their jobs, and engage in the big time (if technically legal) corruption, these men need to have the backs of their actual constituents, despite their small time (and sometimes illegal) corruption.
Since quite a few of the state legislators recently exposed have been Black, one Black state legislator had this to say. “Why are we allowing folk who’ve been in power longer–who are perhaps smarter and slicker, who are are more dangerous under those conditions and perhaps robbing far more–we leave them alone and we target these over here?”
That sort of says it all, doesn't it?
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