“I disagree with your Aug. 4 front-page article “City’s System for Pensions Shows Strain.”
New York City’s pension funds are on the road to recovery after weathering enormous losses from the collapse of the housing bubble, the economy and the stock market. Comptroller Scott M. Stringer reported recently that the city’s funds posted a 17.4 percent return over the last year. Over the last five years, the city’s pension funds have earned an average rate of 13.4 percent.
These pension funds provide modest retirement benefits at a fraction of the cost of a comparable 401(k) plan. A recent study from the National Institute on Retirement Security found that New York City’s pension systems deliver retirement income at a 40 percent lower cost than a defined-contribution account.” -New York Times