Local governments across New York do not have the necessary long-term funds to pay for health benefits for their retirees, according to a new report from the Empire Center for Public Policy.
The research organization cites Buffalo and Niagara Falls as two communities that have unusually heavy obligations to retirees.
“You’ve got a lot of cities whose growth prospects are murky, to put it best,” Edmund McMahon, the Empire Center’s director, told the New York Times. “You’re looking at a GM-type situation, a struggling company that’s trying to remake itself, but it has this huge legacy cost.”
The Empire Center says that New York’s state and local governments, school districts and public authorities have promised more than $200 billion in health benefits to retirees, but may be unable to cover those pledges in the long run…
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