NYPD Pensioners Alimenticies Ecuador Pension Fund Expected to Exceed $30 Million
New York City Mayor Bill de Blasio said that the city is set to receive $30 million in pension payments from its pension fund.
De Blasio made the announcement Thursday.
The city’s pension fund is underfunded by $6.5 billion and has received no federal help since 2011.
New York’s state and local governments have also struggled to meet pension obligations.
New Jersey Gov.
Chris Christie announced earlier this week that he would use $2.2 billion in state funds to help pay the pensions of the city’s police officers and firefighters, who have been underpaid.
The state is also expected to receive more than $3 billion in payments from the city in the coming months.
As Bloomberg Businessweek reported earlier this year, the city has had to borrow $1.6 billion from the state in order to pay its pensions.
This past summer, the state had to repay $1 billion in unpaid pension obligations, Bloomberg News reported.
Dezs City, New York Mayor Bill De Blasio.
AP Photo/Richard Drew, file The mayor made the remarks while speaking at the New York Stock Exchange on Thursday.
He also noted that his administration is already working on a plan to pay the pensioners.
“There are some of us that believe in the fact that there are some pensioners out there that need a little help,” he said.
“So we are working on what we hope will be an agreement with the state that will allow us to pay that, and we are going to be ready for it in two weeks.”
De Blasio also noted how he would be working with Congress on a “plan for a $25 billion plan that will help us meet our obligations.”
He said he is working on that plan “every single day” as the mayor.