Mamdani balanced NYC's budget and Republicans are hysterical

Underfunding pension plans is against the law (ERISA).  You would think cpa kevin who claims to have majored in economics; would know this

These laws require plan sponsors to maintain a certain funding level to ensure benefits can be paid

Failure to make required minimum contributions: If a plan is underfunded and the sponsor does not bring it up to the required funding level, that is a breach of statutory and fiduciary duties. Regulatory agencies like the Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) can impose sanctions, fines, or penalties Pension Benefit Guaranty Corporation.

Public pension underfunding: In government-run plans, underfunding can trigger legal consequences such as fines, increased oversight, and even restrictions on plan amendments or lump-sum payouts under the Pension Protection Act of 2006 Pension Benefit Guaranty Corporation.

Fiduciary breach: Pension trustees and sponsors have a legal duty to act prudently and in the best interest of participants. Underfunding due to negligence or willful misconduct can lead to lawsuits and liability probibound.com

Is this copied and pasted from any laws that are valid in NYC? Or is this just shit you dredged up on Google?;Because I noticed that although you pasted it IN BOLD, there's nothing there that says this is NYC law.

ERISA is a federal law regulating the private sector. It generally does not apply to government pensions.

There is probably a state law that applies

These are federal laws that apply to all states include public pensions.  

References got blurred on the copy/paste

Pension Benefit Guaranty Corp is the reference 

NYC is neither a federal nor a private organization, so the crap you copied and pasted is irrelevant. 

You need to cite a New York City or State law re handling pensions. Thats what happens when you decide what to think before you do any research.

It is federal law that trumps local law. 

Stupid Kevin try to keep up. 

The law you cite is a federal law, yes indeed, Tommie-poo, BUT...

It applies to private, not public pension funds.

And federal law doesn't necessarily "trump" local law. States and cities have powers that are reserved to them. That's in the Constitution. Maybe you've heard of it?

Hopelessly stupid Tom.

I would think a guy that cites ERISA would know it doesn't apply to government pensions.

Hey - give them credit for balancing their budget with their own dollars.    Thats how blue states operate.   

Red states wait for Federal Congress to give them massive windfalls to pay for their projects.   

Texas is spending 31 billion (and growing) of Federal money to build a coastal barrier for Galveston.     Nice to have other states pay for your shit, isnt it?  Especially when its to protect your state from Climate Change which Texans dont believe in.  

Public pension underfunding: In government-run plans, underfunding can trigger legal consequences such as fines, increased oversight, and even restrictions on plan amendments or lump-sum payouts under the Pension Protection Act of 2006 Pension Benefit Guaranty Corporation.

You would think Mark would be capable of reading the paragraph above his post.

And federal law doesn't necessarily "trump" local law.

Stupid kevin is unaware of the Supremacy Clause in the Constitution.

NYC receives $9B in funding from the federal govt plus another $8B for the MTA

ALSO

In 2024, the City received approximately $7.2 billion in federal assistance from major housing and homelessness programs through a combination of direct funding and tax expenditures. - NYU

so much for pj's claim of NY self sufficiency.