NYC Pension Costs Skyrocket: 'They're Never Going to Catch Up'

``The city's pension system suffers from the same woes as other cities and states: hefty promises made to workers, the unwillingness of city officials to face up to the problem for years and overly optimistic assumptions for market returns. The city's investment strategy "has failed to keep up with its growing costs, hampered by an antiquated and inefficient governing structure that often permits politics to intrude on decisions," according to The Times. ''