There are many things that can be said about the excessive salary and benefit deals politicians gave municipal employees as a reward for their support but the most egregious is requirement that governs the funding of their pension funds.
Past administrations have given in to the demand that the return on investment is at a guaranteed rate. Whether that guaranteed rate is set at the proper level is one issue another is what happens if there were to be an excess. We, the taxpayers, are on the hook for hundreds of millions (just on LI) to make up for the recent investment shortfall. Someday, we all devotedly hope, these pension fund investments are going to grow. When they grow, they will generate more money because taxpayers funded the current shortfall. So these pension funds benefit from funding a one year shortfall and get the compounded benefit of that shortfall. Does anyone think that will mean that the funds give money back to the state? Of course not. What will happen is that the benefits distributed to the pensioners will increase beyond there already generous levels. All funded by the taxpayer.