US - Pension fund investment shortfalls has resulted in the city of New York's pension expenditure, which is projected to reach US$5.8bn by fiscal year 2009, quadrupling since the nineties.
In the review of the city's financial plan, state comptroller Alan Hevesi and his deputy Kenneth Bleiwas said expenditure on nondiscretionary items, including pensions, will consume 49% of the city...
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