What will the City’s pension costs be in the future?

  • 1
  • Question
  • Updated 7 years ago
  • Answered
Photo of NYCTaxpayer

NYCTaxpayer

  • 303 Posts
  • 0 Reply Likes

Posted 7 years ago

  • 1
Photo of FAQ Guru

FAQ Guru, Official Rep

  • 446 Posts
  • 5 Reply Likes
Official Response
A report from Comptroller John C. Liu’s Retirement Security NYC initiative shows that City pension costs will peak in 2016 before they begin a gradual, steady decline. From 2016 through 2040 and beyond, pension costs will grow at a slower rate than the City’s economy, using up significantly less of its budgeting resources.
The report titled, “Sustainable or Not? NYC Pension Cost Projections through 2060,” finds the long-term decline in pension costs is primarily due to the introduction of new, less expensive benefit plans that took effect between 1995 and 2009.
For more information, visit http://www.comptroller.nyc.gov/rsnyc/