New York borrows from the pension fund to pay the pension fund

Andrew Cuomo. (Cuomo via flickr)
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How big a problem are pension costs in New York?

Governor Andrew Cuomo, who is leading the fight to cut the state's long-term pension burden, is among the elected officials in New York borrowing from the pension fund in order to pay pension costs. And New York City, where Mayor Michael Bloomberg has complained about pension costs for years, gave a "strong recommendation" to the New York Public Library that they should borrow money in order to pay their pension costs too.

Danny Hakim's A1 story in the Times about public employers borrowing in order to pay their pension costs reports that the practice has tripled this year.

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