NYC Pensions 40% Jump in Costs Sparks Call to Consolidate (1)

New York City’s pension fund system for retired city workers is plagued by ballooning costs stemming from redundancies.

The cost to administer benefits to about 340,000 retirees and beneficiaries, has grown by more than 40% to about $270 million since 2018, according to an analysis of the funds’ financial reports by Bloomberg. A member of the city audit committee brought attention to the funds’ spending and inefficiencies at a recent meeting.

There’s five retirement funds — one for teachers, non-teaching staff, police officers, firefighters and civil servants — and each have separate offices, staff and computer systems. And two of ...