New York City expects to contribute $8.1 billion to pension funds
By Robert Steyer | January 30, 2013 4:07 pm
New York City's contribution to city pension funds is expected to reach $8.06 billion for the fiscal year starting July 1, up 1.9% from the fiscal year ending June 30, 2013, according to a preliminary budget issued by Mayor Michael Bloomberg.
The preliminary budget makes financial forecasts for pension contributions and other expenses for four fiscal years, starting July 1, according to the budget document issued by the mayor's office Tuesday.
The projected pension contribution for the fiscal year starting July 1, 2014, is expected to decline by 0.1% from the fiscal year starting July 1, 2013. For the succeeding fiscal years, the annual city pension expense is expected to grow 2.4% and 3.1%, respectively.
The budget document didn't provide a discussion of the pension contributions. Lauren Passalacqua, a spokeswoman for the mayor, did not return an e-mailed request for comment.
The New York City Retirement System, which encompasses five city pension funds, had assets of $126 billion as of Oct. 31.