From the NY Post:
The city faces potentially catastrophic costs of up to $43 billion from recent pension investment losses, which threaten to drain the municipal budget and put taxpayers on the hook for years.
Recent market losses have left massive gaps for city taxpayers to plug -- $15 billion from Fiscal Year 2008, and an estimated $28 billion from 2009 if the pension funds dip 20 percent as feared, officials told The Post.
The city says it will have to fork over $7.9 billion in extra pension contributions through 2016 -- but payments would go on another nine years to pay off the staggering debt.
This year the city is paying $6.4 billion in pension contributions, plus $1.7 billion for retiree health benefits. Those costs are expected to rise to $12.3 billion in 2016.