Drop-Dead Dates for New York City Pension Plans

For Teachers it’s 2019 while for Police it’s 2028.

Underlying data

Drop-dead dates by plan

Links to valuation report

Some of the highlights:

Valuation date: June 30, 2009

Total Plan Assets at Market: $80.3 billion

Government contributions: $7.36 billion (89.6%)

Member contributions: $.85 billion (10.4%)

Annual payouts: $9.97 billion

Retirees: 270,389

Workers: 362,046

Bury Funding ratio: 48.25%

Annual payouts as percentage of assets: 12.41%

Conclusions:

1) Participants put in a much smaller percentage of contributions than other government plans studied.

2) New York City’s plans have a lower Bury funded ratio (48.25%) than Chicago’s plans (50.20%)

3) The Teachers’ plan with a Bury ratio of 34.16% is the worst funded large plan reviewed so far

5 responses to this post.

  1. Posted by Muni-man on November 20, 2010 at 9:55 pm

    John, your analysis confirms that NYC’s ‘unions-on-steroids’ are really starting to bring the city to its knees in earnest now. To keep these pension sinkholes fully funded the city (i.e. taxpayer) has to cough up on average a staggering $8.66 for every $1 city employees kick in. NJ unions are milquetoast compared to NYC’s unions. It’s gonna be real entertainment when NYC tries to get the unions to ‘see the light’. Gonna be like trying to square the proverbial circle – impossible. Good chance they’ll eventually go under because current pensioners will very likely flip the bird to the active employees about giving any concessions, in order to preserve their bennies for as long as they can.

    Reply

  2. […] According to John Bury, New York City’s Teachers’ Pension Plan runs out of assets in 2019, followed by the Police Plan in 2028. Bury says the NYC teachers’ pension system is the worst-funded large plan he has analyzed to date. […]

    Reply

  3. Posted by meepbobeep on November 27, 2010 at 6:46 pm

    This is going to be very “interesting” in the near term, eh?

    I suppose we should be hearing more noises about cashing out of assets of various public plans across the country, not just NJ and Illinois….

    Reply

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