RAGING PENSION FIRE

Raging Pension Fire
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More than 70 percent of firefighters who retired in the past five years did so on disabilities - hiking the cost of taxpayer-funded FDNY pensions to nearly $1 billion a year, a Post analysis shows.

"We are not embarrassed by this," said Jack McDonnell, president of the Uniformed Fire Officers Association. Danger, injury and illness go along with the job, he said.

Pensions are funded with firefighter contributions of about 2 to 5 percent, the city contributions, and earnings from investments.

If a pension fund earns less than 8 percent a year, the city must make up the difference with more cash. City Comptroller Bill Thompson revealed Friday the city's five pension funds plunged a total 20% in the last six months of 2008 - from $101.9 billion to $82.5 billion. Taxpayers will be forced to plug the gap for years to come.