New York shifts more public pension costs to taxpayers

In Politics by Michael Rae

The New York Common Retirement Fund (NYCRF) is fully funded, placing it far ahead of the national average of public pension systems, which are 73% funded on average. Recently, the New York pension plan’s leadership made a series of positive changes, including lowering the assumed rate of investment returns to 5.8%, a national low that is more in line with long-term investment return expectations.

However, the 2022 state budget passed by New York lawmakers also reversed several major pension reforms enacted in 2012. As a part of the new budget, the state reversed the 2012 law’s requirement that higher-salaried employees contribute