NYS Pension fund among healthiest in the world

[BFLOCOP]

http://www.buffalonews.com/apps/pbcs...130519721/1010

Buried in todays Buffalo News...

Dont foresee any localities having to pay anything as was usually the case before the bailouts

[300miles]

Are you sure? Seems like some localities may have already been increasing taxes to deal with the funds poor performance during the past few years.

For taxpayers, the fund’s growth is important because it helps set – on a smoothed-out basis over a number of years – how much localities have to pay for employee pension contributions. Those rates, which have skyrocketed since the 2008 and 2009 fiscal meltdown, have been eating into fiscal plans in New York state, putting increased pressure on property taxes.

Pension costs are not covered by the state’s property tax cap, so a poor-performing Common Retirement Fund ends up boosting annual tax levy hikes beyond the cap’s 2 percent floor.

[Dan Roman]

Perfect time to start all government new hires in a 401k or b only fund and start winding down the traditional pension system.

[mikenold]

If the NYS pension system is doing so well then why did the mandated pension cost for Depew go up 17% this year? These mandates are squeezing the municipalities in the state for no good reason it would seem. 26% last year and 17% this year. The state is ripping us off. Record highs in the DOW and the state is still crying poverty. If the people administering this fund cannot make money in this market, then they should be fired!

[WNYresident]

I wonder who the company is who manages the funds. I wonder if they are politically connected.

[4248]

Mandated pension cost for Depew to go up 17% this year.

Lets see - why would that be ?

Isn't its based on the number of employees eligible for benefits - or projected to be eligible for future benefits ?

Wouldn't one need employment numbers - pay scales - and such in order to know why a "17%" increase is justified ?

How many eligible employees have - how many did they have two - three years ago?

[mikenold]

Mandated pension cost for Depew to go up 17% this year.

Lets see - why would that be ?

Isn't its based on the number of employees eligible for benefits - or projected to be eligible for future benefits ?

Wouldn't one need employment numbers - pay scales - and such in order to know why a "17%" increase is justified ?

How many eligible employees have - how many did they have two - three years ago?

Depew has 7-8 less employees than they did just 2 years ago. The mandated increases were higher in years past. I am just pointing out that the market is booming. Why is the fund still doing poorly? They need a better fund manager.

[Eat My Gun]

I hink it's only fair that we use a portion of these funds to address social injustice in our state.

Hopefully they can expand this summer's free air conditioner program for people on welfare. Instead of window units I think they have a right to central air.

I'd also like to see people on the dole receive free smart phones with unlimited data instead of basic cellular service.

These are just basic necessities.

Just because they don't to get up and go to a job everyday doesn't mean that those poor unfortunate souls on public assistance shouldn't be entitled to the same things that the rest of use work and save for...

[cheekman]

If the NYS pension system is doing so well then why did the mandated pension cost for Depew go up 17% this year? These mandates are squeezing the municipalities in the state for no good reason it would seem. 26% last year and 17% this year. The state is ripping us off. Record highs in the DOW and the state is still crying poverty. If the people administering this fund cannot make money in this market, then they should be fired!

yep mikeee go back when when Carl McCall was comptroller and in late 90's towns paid very little into the system .. so now the market is going crazy so where is all the money going now.... every town village and city are crying the taxes are going up because increase in pension fund. BS..