Includes “… the Manhattan Institute is calling for New York City to reform its public retirement system, including by ditching its defined benefit (DB) plan for a defined contribution (DC) plan … It said the main drawback of a defined benefit pension system is that ‘it leaves the city holding all the risk’ and that, in worst-case scenarios, economic downturns may create pension fund losses that the city ‘needs to backfill at the exact moment when their budgets are otherwise strained’ …”