The End of The Retiree Trust Fund

Jul 23, 2013
Today the members of the Financial Control Board (FCB) will meet to certify New York City’s Adopted Budget for Fiscal Year 2014 is balanced. As the FCB mentions in its report, the 2014 budget is balanced with $2.8 billion in surplus funds from fiscal year 2013 and $1 billion withdrawn from the Retiree Health Benefits Insurance Trust Fund.

Reining in New York City's Skyrocketing Health Insurance Costs

Apr 18, 2013

The growing cost of health insurance for city employees and retirees has to be brought under control. The City's employee unions, whose contracts have expired, may prefer to wait and negotiate with the next mayor, but the election won't change the fiscal reality: the City's share of health insurance premiums for city workers and retirees is high in comparison to norms in the private and public sectors.

City Workers, Pay Your Share

Feb 04, 2013

The cost of health insurance for New York City public employees and retirees is projected to grow by almost 40% by 2016 — rising to nearly $7 billion a year. That growth will amount to $1.5 billion of the $1.9 billion budget deficit projected for 2016.

How Sick Leave Can Be Bad for a Locality's Fiscal Health, and Health Insurance May Be Even Worse

Jul 02, 2012
Borrowing by local governments to pay for operating expenses is bad financial management; it forces future residents to pay for services consumed by those living in a jurisdiction today, often burdening children with the cost of benefits enjoyed by the current generation.

Sneak Labor Giveaway

May 06, 2012

Across New York, the cost of health benefits for retired government employees is growing so rapidly that it threatens to crowd out funding for essential government services. Rather than lay off police or close libraries, public officials may want to use their discretion to alter retiree health insurance — but some state legislators are trying to take away that discretion.

The Next Challenge: Retiree Health Benefits (Updated April 25, 2012)

Apr 17, 2012

Last month, State leaders acted to reduce future costs and create substantial long-term savings for taxpayers by adopting pension benefit reforms for new public employees.  The next challenge is to address the high costs of retiree health insurance.

What is OPEB and Why Does it Cost $9.4 Billion?

Dec 06, 2010

The costs of government seem to grow exponentially, but some increases raise the eyebrows of even the most seasoned analysts.

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