Tag: Retiree Health Care
In what's become an annual tradition, New York state lawmakers have re-introduced bills designed to prohibit or restrict changes to expensive continuing health insurance coverage for current and future government retirees—which would effectively lock in a growing unfunded liability of more than a quarter trillion dollars for taxpayers across the state. Read More
New York's unfunded liability for state government retiree health coverage has reached $90.5 billion—an increase of $3 billion over last year's estimate, and nearly $13 billion in just two years, according to the just-released First Quarterly Update to the state's FY 2019 Financial Plan. The liability for other post-employment benefits, or OPEB, reflects the net present value of continuing state health insurance coverage available to all employees who retire directly from a state government payroll after at least 10 years of service. Read More
On the whole, New Yorkers can breathe a sigh of relief if the state Senate’s gridlock forces an early end to the 2018 regular session of the Legislature. Otherwise, the next two weeks will still leave plenty of time for lawmakers to get up to no good. Read More
New York’s public building costs are the most expensive in the world partly because taxpayers are subsidizing skyrocketing pension and health care costs for the construction industry, according to a study released on Monday. Read More
Budget deficits papered over with borrowed money and fiscal gimmicks. Unaffordable union contracts. Pension contributions “amortized” into the future. Retiree health benefits promised but unfunded. Corruption probes and whiffs of scandal. Accountability blurred, responsibility shirked, and hard decisions avoided again and again. That litany could describe any number of old, declining American cities—including a few that, like Detroit, actually went broke. But the same dysfunction exists in affluent corners of New York’s archetypal suburb: Long Island Read More
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