ever more pension prognosticating
Nonetheless, the state says maybe, maybe, maybe the city can get to a 50% funding level in a couple years. That would still make it pretty much the least funded system in the state, at least for larger pension funds. Some of the assumptions baked into that have not even been true in the years since 1/1/2007!
But there is a quote in the story of note:
He said the city made a formula mistake that resulted in a significant overestimate of the long-term benefits of the mayor's plan. The administration's analysis estimated that the fund would, by 2037, hold 85 percent of ideal levels, but Mr. Allen said it would really only be 69 percent funded if everything went according to plan.So basically if lots of things go really well, then by 2037 the pension fund can get back to the funding level it achieved in 1999 after the 2nd pension bond was floated. Here are the 'official' funding ratios for the city's pension fund over the last decade or so. As of January 1, 1999 it reached 64% and was probably a bit higher in the months preceding that. Such is what counts for progress around here.