LIU STATEMENT ON MOODY'S PENSION METRIC
City Comptroller John C. Liu said the following regarding Moody Analytics' new pension metric:
"The New York City Pension Funds are strong, have always met their obligations to our 670,000 participants, and will continue to do so. We disagree with Moody's new methodology, which undoubtedly will be used as a flawed rationale by those trying to reduce the retirement security of hardworking public employees. The City's pension liabilities are reported following the standards of the Governmental Accounting Standards Board (GASB), the highest authority for government financial reporting, and its funding requirements and parameters are determined by an independent actuary. The City has consistently made its full statutorily required pension contribution, and the City's Four Year Financial Plan includes full actuarially projected required contributions. The three major rating agencies, Moody's, Standard & Poor's, and Fitch, have all affirmed the City's double-A ratings in the past month."
Background
Deputy Comptroller for Public Finance Carol Kostik's letter to Moody's: http://comptroller.nyc.gov/press/pdfs/092812-CkosticPublicFinance_MoodysLetter.pdf