Which state has the biggest pension fund?
New York is the state with the largest publicly funded retirement fund, but according to an article published in the Wall Street Journal, that might not be as true as it seems.
New York’s pension fund, the New York State Employees Retirement System, has a $12.4 billion asset base and a $1.8 trillion debt.
According to the WSJ, the fund is now at risk of default and has a backlog of more than $300 billion.
According the WS, the pension fund has a net assets of $1,400 billion.
The problem is that New York state has a large population that’s expected to grow to over 25 million by 2060, and that means the retirement fund needs to keep up with population growth.
According to the Wall Journal, the State Employees Union says the fund needs $3.2 billion in capital to meet the needs of workers.
If the fund fails, the state would have to reduce the number of people working in its workforce, potentially causing a reduction in its pension payments.
This isn’t the first time the State has run into trouble with the retirement system.
In 2006, the company announced it was planning to reduce workers from its workforce by more than half to help pay for its pension plan.
In the past, it has also faced financial problems.
In 2012, it was hit with a $10 billion state pension debt that led to a downgrade of its rating from investment grade.
But it’s unclear how long the State will have the ability to maintain its retirement fund.
“The state will have to make investments to meet pension obligations, and this is going to require the use of new investments, which could take time,” said New York Gov.
Andrew Cuomo, who also served as a member of the state pension board.
A spokesman for New York Governor Andrew Cuomo says that it’s a complex situation that’s “a bit complicated.”
“The state of New York has been working to address the needs and the challenges of its workers, particularly for its workers in the public sector, by investing in investments that have been shown to increase productivity and increase retirement savings,” the spokesman said in a statement.
Meanwhile, Illinois, one of the states that has the largest public pension plan in the nation, has plans to cut its workforce in half by 2026.
Illinois’ pension system, known as the Illinois Public Retirement System (IPRS), was recently restructured and is expected to be fully funded by 2036.
The state’s public pension fund is expected at $8.9 billion.