NYC-WTC_000195490

NYC 9/11 Public Portal Document

million). PENSIONS AND OTHER FRINGE BENEFITS Pension Overview million). The Executive Budget for 2002 provides for $1,454 million in City pension contributions, an increase of $155 million fromthe amount forecast for 2001. Of the total amount, $1,407 million represents contributions to 5S $10.3 the City’s five main actuarial retirement systems, $28 million represents contributions to actuarial systems covering certain non-City employees of the City University, the library system, day care centers, and certain cultural institutions, and $ 19'million represents “pay as you go” contributions to iron-actuarial systems that are no longer Zity has open to active City employees.

City has Pension Expenditures and Funding Sources ($000’s) / /

; ■ 2002 Increase/(Decrease) 2000 2001 Preliminary Executive 2001 ' Preliminary Actual Forecast Budget Budget Forecast Budget

Expenditures Personal Service • City Actuarial ....... $657,246 $1,259,262 $1,374,825 $1,406,791 $147,529 $31,966 '• Non-City Actuarial . $19,200 20,912 31,647 27,741 6,835 (3,900) • Non Actuarial ....... 21,663 18,874 21,691 19,312 438 (2,379) T0tal........... . ................ $698,109 $1,299,048 $1,428,163 $1,453,850 $154,802 $25^

Funding City ..... t.. $593,041 $1,188,928 $1,321,780 $1,343,347 $154,419 21,567 State ........ 19,519 17,590 \ 19,853 17,973 383 (1,880) • JTPA ....... — — I • CD ...J... • Other . b .. . 2,525 2,525 2,525 2,525 Intra-City Other 83,024 90,005 84,005 90,005 6,000 ;i Total ..... U ... $698,109 $1,299,048 $1,428,163 $1,453,850 $154,802 $25^

The City is five main retirement systems include the New York City Employees’ Retirement System, the New York City Teachers’ Retirement System, the New York City Police Pension Fund, Subchapter Two, the New York City Fire Pension Fund, Subchapter Two, and the Board of Education Retirement System. These systems, as of , June 30,1999 data,, cover 572,216 employees, retirees and beneficiaries of the City, the Board of Education, and i certain independent agencies. \

Each of the five systems is managed by a board of trustees and functions in accordance with State and City laws. Pension liabilities and required contributions are actuarially determined and conform to Generally Accepted Accounting Principles (GAAP). The funding assumptions have been approved by the various boards of trustees as recommended by the Chief Actuary of the City. The actuarial interest rate assumption for all five systems is eight percent, as governed by state law.

Membership in any of the City’s main retirement systems is grouped into certain categories, or “Tiers”, which vary according to a member’s entry-date into a system. Tier I members are employees who joined a City pension

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