City pension expenses have skyrocked 500 percent over the past decade — gobbling up record portions of the budget, according to a report released yesterday.
The study, prepared by New York Leaders for Pension Reform, a group backed by Mayor Bloomberg, comes as public-employee unions plan to mass in Albany tomorrow to protest Gov. Cuomo’s plan to rein in pension costs.
City pensions are projected to drain $7.8 billion from coffers in fiscal year 2013 — up from $1.3 billion 10 years ago, the group said.
“The increased pension costs crowded out funding from other critical areas,” the report said.
“New York City’s current pension bill is now equivalent to the city’s entire personal income-tax levy or nearly half of the city’s property tax levy.”
Bloomberg said he’d continue the “generous’’ benefits for current employees — but not for new ones.
The report said :
* Cops with regular pensions retire at an average age of 45 and collect a pension averaging $59,455; those claiming disability leave at 41 and get average pensions of $75,645.
* Firefighters leave at an average age of 50 and collect pensions averaging $77,832. Those claiming disability retire at 46 with a pension averaging $97,548.
* Teachers retire at an average age of 61 with pensions averaging $48,935
* Most other city workers retire at an average of 59 with an average pension of $31,385.
Cuomo’s proposals for new hires raises their retirement age, excludes overtime earnings in computing pensions, and gives them an option to enroll in a 401(k)-style, contribution-based retirement plan.
“For the last decade, there have been a few of us who have been requesting a game plan to address these ballooning ‘uncontrollables,’ and it seemed no one in city or state government was willing to act’’ said Staten Island Councilman James Oddo, the Republican minority leader.
“Thank goodness for this governor.’’
Pension facts:
* Pension costs rose from 9% of every dollar spent on workers to 28% in past decade.
* Salaries grew by 35 percent; health-care costs rose 76 percent.
* The cash value of pensions soared from $600,000 to $2M per retiree.