How to pay your New York pension without a pension plan
By MATT LAUERNEW YORK, May 10 (Reuters) – New York City pensioners can buy a private pension plan with little or no money down to live on without the city’s $18 billion in unfunded liability, the New York state comptroller said on Wednesday.
The state com-ptroller’s office said in a letter to pension trustees that they should consider a plan that has the ability to pay them when their income falls short of their pension plans actuarial assumptions, such as the $18.7 billion actuarial shortfall in the city and state pension funds.
The plan can be funded with contributions from a range of different sources, the comptroller’s letter said.
The city has long been one of the most expensive cities in the United States, with its annual budget exceeding $3.3 billion.
The pension system, which provides about $30 billion annually, has also been struggling with rising health care costs.
The pension funds have not been able to keep up with costs and they have cut staff and programs, prompting many pensioners to consider other options.
The Comptroller’s Office has previously said that the city pension system is one of its most costly and most dysfunctional.