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
