New York’s rising six-figure-pension membership

The hit on New York taxpayers continues to develop, with the variety of $100,000-plus retirees up 20 % final 12 months.

As the Empire Center reported this week, the variety of six-figure pensioners within the state pension system is nearing 5,000 — up 756, or 20 %, from 3,817 in fiscal 2017. Of these, 20 rake in additional than $200,000 a 12 months; three get 300 grand-plus.

Heading the pack: Shashikant Lele, a retired physician on the Roswell Park Comprehensive Cancer Center, who pulls in $436,356 yearly.

You thought authorities salaries have been excessive? At least staffers are anticipated to work in return for his or her fats pay. Yet these beneficiant paychecks drive up retirement payouts. As do the ludicrously candy pension phrases OK’d by Albany over time.

Trouble is, somebody has to pay for that largesse, and that somebody is New York taxpayers. State and native taxes should go to shore up the state pension funds that ship checks to retirees. And that quantity has grown a daunting 2,900 %, from $164.5 million in 2000 to $4.eight billion in 2017.

The Empire Center’s E.J. McMahon additionally hyperlinks that spike to losses from dangerous investments the fund made within the hopes of upper returns — in a bid “to perpetuate the phantasm” the state could make the juicy pension payouts with out inflicting a lot ache on taxpayers.

Indeed, state comptroller candidate Jonathan Trichter this week is blasting incumbent Tom DiNapoli, who oversees the retirement system, for parking cash in hedge funds and private-equity belongings that “underperformed” the market by $eight billion.

The excessive $6 billion in charges Trichter says DiNapoli paid to managers of these funds solely made issues worse.

Meanwhile, state and native governments are left with an ever-shrinking share of tax income for non-pension bills. Average New Yorkers, that’s, pay extra and get much less.

Original article https://nypost.com/2018/08/10/new-yorks-growing-six-figure-pension-club/

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