Pension funds rob themslves in New York state.

Mish Shedlock

Robbing Peter to pay Peter is the new game in NY.  Cities and the state itself have been borrowing from the New York Pension Fund to pay the new money due into that same pension fund.  This does not compute.
There are many ways to hide the truth that some funds are never going to go into the pension piggy bank and some are never going to come out either.

Reminds me how my Dad gave me money to buy him a Christmas present, back when a nickel could buy something useful.  The thought was what counted.  That doesn't cut it for a senior dependent on his pension check.