New York City pension plans get new money to invest in pension funds

  • August 24, 2021

New York Gov.

Andrew Cuomo announced on Wednesday that the state’s pension plans will receive $500 million in new funding for their investment strategies.

Cuomo made the announcement in his State of the State address, the state-owned news agency New York Daily News reported.

Cuomo is in his second year as governor, following his election last year.

He was the first Democratic governor in state history to win a second term.

In the past, the funds have been underfunded.

New York State has $1.1 trillion in unfunded liabilities, according to the State Controller’s Office.

The New York Times estimated the state would need to raise $1 trillion to cover unfundable liabilities, which is more than $2,000 per person.

Cuomo announced the pension funds would receive a $500,000 annual allocation of their funds.

The new money is expected to boost the fund by $200 million annually.

The state’s new $1 billion fund is meant to address unfunding pension liabilities in two ways.

First, the governor is seeking to make up for lost money by investing in more qualified investments.

New Jersey, which had $9.5 billion in unfound pension liabilities, received $1 million from the New York fund this year, according the state.

Cuomo also wants to get rid of as much as possible of the fund’s unfundly investments.

The $1,000 allocation in the New Jersey fund will be enough to cover a $20 billion shortfall in New York state’s state pension fund, Cuomo said.

He is seeking the additional money to do this, according The New Yorker.

Cuomo has also proposed to create a separate fund for New York’s police pension, which has about $10 billion unfundled.

Cuomo said the fund will help to fund the city’s police pensions.

Cuomo’s proposal to get the city to pay its cops is in line with a plan by New Jersey to get state aid for its police pensions, which have been a major source of funding for the state government.

The proposal was championed by New York Mayor Bill de Blasio, who called it “historic.”

New York was one of only three states that did not have to pay the federal government for its state pension, the Times reported.

New Yorkers also have less than $1 in their state pension funds and pay about $9,000 to their city’s city pension fund.

The city of New York is the only city that has not paid its state police officers for years.

Cuomo called the plan “historic,” calling it “an historic opportunity to move forward with this investment.”

Cuomo’s plan to get New York back on track comes as New York has been embroiled in a bitter debate over the death of Eric Garner.

Garner, who was in police custody for nearly a year after a chokehold on a New York police officer, died of a fatal chokehold at the hands of NYPD Officer Daniel Pantaleo.

The Garner case was a rallying point for protesters and activists.

Ontario government pension plan hits record as cash reserves increase

  • July 15, 2021

The Ontario government has hit a record cash reserve of $2.3 billion, the Ontario government announced Wednesday, as it added $821 million to its pension fund as it works to bolster its ability to pay retirees.

The government says it plans to release the new reserve as soon as it is in the hands of the auditor general.

It has said in the past that the province has a $10 billion cash reserve, which it says will allow it to pay its promised $4 billion pension plan by the end of 2020.

The Ontario government is already facing a $4.7 billion deficit in 2020, according to a report by the auditor-general last week.

The Liberals had originally set a target of $3.5 billion in 2017.

The Liberals have said the reserve was needed to keep their fiscal plan on track.

But with $2 billion added in, the government is now up to $6.5 million more than it had originally planned, said the Ontario Minister of Finance, Josh Colle.

The province also announced Wednesday it will increase its monthly retirement payments from $7,000 to $9,000 for a total of $19,000 a month for pension recipients in Ontario.

The plan will also provide $1,000 annually to the Ontario Secondary School Teachers’ Pension Plan for eligible employees who were not enrolled in the public school system.

Colle said that would bring the total payment to $19.5-million, which is a $2-billion increase.

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