DiNapoli: State pension fund value drops $16B because of virus
The COVID-19 virus and the economic shutdown it forced reduced the state pension fund for public workers by $16.2 billion to $194.2 billion and will likely force greater employer contributions by state and local governments, according to a report by state Comptroller Thomas DiNapoli...
The state’s retirement benefits are well-funded, agreed David Friedfel, director of state studies for the independent Citizens Budget Commission. But he noted that health benefits for retirees aren’t fully funded and the state has a future liability of $65 billion, Friedfel said.
“During the state’s current financial problems, the state must maintain the positive standing of the retirement system and avoid any fiscal maneuvers or payment delays that could undermine the state retirement system’s finances,” Friedfel said.