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Where do NY pensions get sent?
The Business Review by Adam Sichko, Reporter
Date: Friday, November 18, 2011, 11:02am EST
Adam Sichko
Reporter - The Business Review

For the first time, pension funds in New York now cut annual checks to residents of Florida that total more than $1 billion.
It's the latest twist in an even bigger plot-line: The impact of more baby boomers leaving the work force, and state-retirement-incentives encouraging them to do so.
That's according to a new Business Review analysis of data on public pensions, featured in today's newspaper. Skyrocketing pension costs make up the fastest-growing parts of many municipal budgets, pushing property taxes even higher.
Below is a searchable database of New York pension payments made to people living in other states. About 80 percent of the money stays in-state.
Florida tops the list, where 46,000 people now receive $1.06 billion a year. It's a 6 percent increase since the previous fiscal year.............................>>>>............................>>>>.......................http://www.bizjournals.com/albany/blog/2011/11/where-do-ny-pensions-get-sent.html

Not only are these pension checks being spent in other states.........they don't have to pay nys taxes on them either!!!
It's another lose/lose for the nys taxpayers!!!

NYS has one of the highest tax rates and has a hostile attitude toward business but the legislatures still can't figure out why residents and businesses are fleeing to more tax friendly states.

Quoted from bumblethru

Not only are these pension checks being spent in other states.........they don't have to pay nys taxes on them either!!!
It's another lose/lose for the nys taxpayers!!!

In NY State, Social Security, military, civil service, New York state/local government pensions are exempt.   Up to
$20,000 of qualified private pensions for those 59½ and older.  Out-of-state government pensions can be deducted
as part of the $20,000 exemption

Just like lost property taxes/retail spending etc. by Sch'dy city employees living outside of the city.   Taking their "booty" from the city coffers to enhance an outlying area, while Sch'dy continues it's downward spiral.

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Up to
$20,000

They get 80, 90 grand a lot of them. They use the system and support the property taxes being highest in the world here, then as soon as the retire they boot out for a zero income tax state with low property taxes. In my opinion the pensions should be halved should they take up official residence outside of NYS. However the state is fast going down the road to ruin. It is too late. It is a freight train going 60 mph and it is 10 yards from the cliff. Will the brakes go on in time. No, because the democraps won't change anything no matter how much it has failed. Socialism has failed. Big government has failed. Yet they want more of it. The collapse won't be pretty.

When the collapse happens watch all those complaining right now start to really scream and get violent.