Dissecting the pension problem
Via the redoubtable Larry Littlefield, recently released Census data on state and local public pension systems show that, compared to national averages, New York government employees directly contribute a much smaller share of their own retirement costs.
And that’s not all: New York public pension funds are more heavily invested in stocks (which means more exposure to downside risk for the taxpayers), and government workers and retirees make up a much larger share of the electorate in New York than in other states.
The details, as calculated by Littlefield (with “local” in New York denoting the New York City systems):

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