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New York Cities Borrow from Pension Funds to Make Payments Into Pension Funds
California Public Policy Center Mar. 9, 2012 Across New York, state and local governments are borrowing $750 million this year to finance their contributions to the state pension system, and are likely to borrow at least $1 billion more over the next year. The number of municipalities and public institutions using this new borrowing mechanism to pay off their annual pension bills has tripled in a year. |
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