The Tier 5 and Tier 6 changes combined are saving New York state and local governments outside New York City more than $1 billion this year.
After record-busting investment returns in 2021, most of the state’s public pension plans report they are fully funded—but adjusting for financial risk, their combined unfunded liabilities still total nearly $400 billion.
The traditional defined-benefit pension system remains biased in favor of career and long-term employees, to the disadvantage of those who work shorter government careers.
Author(s): E.J. McMahon
Publication Date: 14 Dec 2021
Publication Site: Empire Center