Although much of the attention in Albany regarding retirement benefits for public workers has centered around the state’s pension system, there’s another structural problem looming that could affect governments — and the taxpayers that support them — at all levels.
Public worker retiree health insurance costs are on track to rise dramatically over the next decade, and the municipalities, school districts and other government entities responsible for covering those expenses don’t have the money to meet the obligations
A sobering report from the Empire Center for Public Policy issued last week found that the total unfunded retiree health-care liability for government employees in New York has risen $45 billion in two years to $250 billion.
To put that in terms that demonstrate the impact on the average resident, consider the data for public workers in Syracuse. The study found the unfunded liability there equates to more than $32,000 per household….
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