Public Pension Fallout in Yonkers, New York

The New York Times reports there are 100 retired police officers and firefighters in Yonkers collecting more in their annual pension benefits than they earned at their maximum annual salary. The youngest retiree, now 47, says he did nothing wrong when he added overtime to his base salary in order to maximize his pension benefits, “I don’t understand how the working guy that held up their end of the bargain became the problem.” New York’s ballooning pension costs are another data point in a crisis that encompasses most states and many local governments. What can be done?

Public Pension Fallout in Yonkers, New York

Underfunded Pensions, Pension Dumping, and Retirement Security
Underfunded Pensions, Pension Dumping, and Retirement Security

Underfunded Pensions, Pension Dumping, and Retirement Security:
Pension Funds, the Pension Benefit Guarantee Corporation (PBGC), Bailout Risks, Impact on the Federal Budget, and the Pension Protection Act of 2006

Compiled by TheCapitol.Net
Authors: Patrick Purcell, Jennifer Staman, Kelly Kinneen, William J. Klunk, Peter Orszag, and Bradley D. Belt

    Although the PBGC’s liabilities are not explicitly backed by the full faith and credit of the federal government, Congress could face political pressure to bail out the PBGC at taxpayer expense should the agency become financially insolvent.

2009, 319 pages
ISBN: 1587331535 ISBN 13: 978-1-58733-153-4
Softcover book: $19.95
For more information, see
RL34443, RS22650, R40171, RL34656, GAO-09-207, RL33937

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