NYC owes over $100B for retiree health care
The city’s $98 billion unfunded liability for retiree health care exceeds its $48 billion pension-fund shortfall.
Money set aside for retiree health benefits has been used as a rainy-day fund by mayors during times of fiscal stress. (Photo: Bloomberg)
(Bloomberg) –New York City faces future
health costs for its retired workers of $103.2 billion, an increase of $40 billion over a decade. It has about $5 billion set aside to pay the bill.
The so-called “other post-employment benefits” liability was disclosed in New York’s comprehensive annual financial report released by the city comptroller’s office Wednesday.
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