That’s like SEC failed head football coach money.
intercst
6 Likes
From the article in OP.
The core system is not an outrage: Most “full career” city retirees receive modest payouts — averaging $62,582 last year.
But bigwigs and insiders exploit the rules to win obscene retirement amounts, notes the Empire Center’s Abdullah Ar Rafee: “Between overtime spiking and legacy benefit rules, New York’s pension design rewards benefit padding at the explicit expense of the public.”
And the corruption is growing worse: The number of six-figure retirees has doubled from about 1,600 in 2020 to 3,200 in 2025.
Meanwhile the total pensioner population grew 7%, from 150,563 to 160,982 in 2025, while total payouts jumped 24%, more than three times as fast.
3 Likes