He also cited the poor performance of the stock market after 2000, cutting the value of the city's pension accounts.

The report also suggests increasing Federal workers' contributions to some pension accounts.

The shares in the pension account were sold weeks before the trade in December 2001.

As former Presidents, both also draw $99,500 a year from a separate pension account.

The city must find millions of dollars in budget cuts to get the money to strengthen the pension accounts.

Under the plans, employers contribute money, usually based on a percentage of pay, to each worker's pension account.

He has accumulate $10,000 in his pension account over 10 years.

"I know the pension account has about $125 billion and without any question, it's lost 20 percent."

He learned recently that his pension account, on which he had not yet begun drawing, was worth $2,285.

Or a state may not put enough into the pension account annually, creating future shortfalls.