New York City’s attempt to steer 250,000 ex-city government employees into Medicare Advantage on January 1 is generating attention, including several lawsuits, a City Council hearing and criticism from Democratic Mayoral nominee Eric Adams.
But none are focused on the key issue.
The city spent $3.2 billion on retiree health care last year. But that’s just the tip of a $118 billion iceberg of debt it owes — more than any government except the state of California.
New York State — including all local jurisdictions and the state government itself — owes a total of $360 billion in other post-employment benefits (OPEB), the most disproportionately large share of the more than $1 trillion owed by states and localities nationwide.
Read the full story here.
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