Mayor Michael Bloomberg: City Earnings Assumptions Are 'Laughable'
Friday, February 03, 2012 - 11:11 AM
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Mayor Michael Bloomberg delivers his annual State of the City address at Morris High School Campus on January 12, 2012 in the Bronx. (Getty)
Mayor Michael Bloomberg says the earnings assumptions New York City is using for its pension funds are "laughable."
The city's actuary has suggested moving the assumed rate of return from 8 to 7 percent.
The mayor said on his weekly WOR Radio appearance Friday that amount is "still laughable." But he adds: "at least it takes you in the right direction."
Bloomberg said the assumptions used in his Thursday budget proposal will require future generations to pay for city pensions.
Under those assumptions, the city's pension contributions are expected to level off over the next few years, after a decade on the rise.
Bloomberg used his budget presentation to call for the creation of a lesser pension tier. The governor is seeking that over unions' objections.
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