From the NY Times:The cities, counties and authorities of New York have promised more than $200 billion worth of health benefits to their retirees while setting aside almost nothing, putting the public work force on a collision course with the taxpayers who are expected to foot the bill.
The total cost appears in a report to be issued on Wednesday by the Empire Center for New York State Policy, a research organization that studies fiscal policy.
It does not suggest that New York must somehow come up with $200 billion right away.
But the report casts serious doubt over whether medical benefits for New York’s retirees will be sustainable, given the sputtering economy and today’s climate of hostility toward new taxes and taxpayer bailouts.
The daunting size of the health care obligation raises the possibility that localities will be forced at some point to choose between paying their retirees’ medical costs and paying the investors who hold their bonds. Government officials aim to satisfy both groups, and have even made painful cuts in local services when necessary to keep up with both sets of payments.
47 comments:
Yay unions. Work 20 years, get taken care of like a child for 40+.
Who though that system was a good idea???
"Who thought that system was a good idea???"-- why the Unions do of course! But I'm sure Andrew Cuomo will fix all of this! Yep, I'm sure he'll set everything straight.
It's not just the unions, a lot of state and city employees-including professionals, got themselves some nice deals at the expense of the rest of us.
When they retire, they sell their cheezy long island homes for ridiculous prices to young families and move to Maine or Florida while collecting their NY pensions.
Good for them. I hope they all live a nice long life feeding off the tit of this shitty. Every Jose, Balbir, Mohammad, Vladmir and Nikolai that pack themselves in here are taken care of quite nicely by our government, no questions asked. Do something about that before you touch the hard earned pensions of hard working New Yorkers.
every resident of New York City was responsible for $7,343, in today’s dollars, for health care for retired city workers. What’s more, they owe a big share of the costs for retired state workers, an additional $3,082 for each person living in New York state.
You whiney Mo-Fos better stop complaining and get working!
You have to fund my health care costs when I retire @ 55 and move to Florida!
Tyrone Johnson
Hard-ly Working MTA Employee
Yeah. Right, "Tyrone".
Why are they mad at government workers who negotiated this when the pensions were agreed to by the city and state?
So if you are an independent contractor, should the contractor consider the taxpayer burden when they bid or do what is best for themselves.
The city workers in the '80's made many concessions in pay in order to keep the benefits. NYC in the '80s was known as a den for shitty pay but great benefits. Not our fault Bloomberg wanted to pay more to 'attract the best and brightest'.
Why blame the unions?
Yeah. Right, "Tyrone".
You wanna man up?
I'm on my break now, but I can meet you wherever you at, and we can settle this mano-a-mano.....
Tyrone Johnson
Hard-ly Working MTA Employee
Cut the crap and speak for yourself, "Tyrone". And cool it with the fake accent. You're about as Black as the middle of a blizzard.
Cut the crap and speak for yourself, "Tyrone".
Of course I speak fo' myself, who else wood I speak fo'?
Fo' shizzle!
You're about as Black as the middle of a blizzard.
Speak fo' you self!
You probably one of them femmy white boys who live in LIC, wear black nerd glasses and skinny jeans, drink one of those femmy acai berry lattes from Starbucks, buy organic vegetables from Ho Foods, and ride your recycled bike around town.
I know exactly who you is!!
Whatchu know 'bout workin' hoonie?
Wrong again, homey.
Right, we shouldn't just blame the unions. We should also blame the politicians who owe their offices to union support, and blame the public for electing these stooges.
No wait, we aren't allowed to blame the victim, so it's just the pols and the unions.
But the unions made the pols. So I guess we have to blame global warming.
I know. The whole story is as clear as sunshine!
Gis jiven ya mon!
I am a retired NYC public school teacher. I put 32 years into the system teaching math. When I signed on in 1975 there was not widespread interest in teaching. I retired in 2007 and began collecting the pension I EARNED. If NYC and other jurisdictions want to change the rules for new hires that's between them and the UFT. Now that the economy sucks most of you want to attack me for my pension. To quote Ceelo Green, fuck you!
Oh and by the way big hairy balls are a trait that runs in family, even the women!
I chust luv wimmen mit der bik hairy balls. Dey must verk out laik me. Hahr-hahr. Ged down, mein bro'.
you all work for me now HA HA
Sorry guys, in the immortal words of one Henry Hill; "Fuck you, pay me."
(1) Not only has this future pension liability been unfunded, but we are borrowing now to make current payments to retirees.
(2) The way out of this mess is for public sector pensions to become "defined contribution plans" -- as most of the private sector has become.
(3) When people retire at 40, you have people 40-60 collecting a pension and people 61-80 collecting a pension, and some lucky people 80 and above collecting a pension, that's a lot to ask for from one generation 20-40.
(4) The family structure is different. It not a pyramid anymore but a a lumpy rectangle which in a few years will become an inverted pyramid and there won't be enough workers alive to support the non-workers (i.e. children and retirees)
White collar assholes have nothing better to do than to be jealous of union benefits.
You chose that lifestyle - NOW SUFFER.
"White collar assholes"?
Most blue collar jobs are not union.
Most of those retirees paid into the system. How about the 16 year old girls with 2 kids by 2 different boys?
Do you think her/his parents paid into the system to have raised their daughter to this point - who did she look to for role models?
IN the 80's we were paid crap,and people looked down at us.I started in 1980 and left in 2003.It's civil service,not hard to score high on a test if you have half a brain.You chose your path and i chose mine.You had it good back then,i have it good now.BTW,after taking 2 years off i went back to work full time.
ANY ONE WHO COMPLAINS ABOUT UNIONS ARE JEALOUS BECAUSE THERE IN A DEAD END LOW PAYING NO PENSION NO BENEFIT CRAPPY ASS JOB..GOD BLESS THE UNIONS AND THE PEOPLE WHO FOUGHT FOR THEM..THE REST OF YOU STOP HATING.
No I think they have a privately paid pension, work until the appropriate retirement age and aren't soaking the taxpayers.
Nobody complained when everyone with half a brain and a little business sense was making a ton of money over the last couple of decades, and cops were getting steady zero percent annual raises. Now you all fall into step with a mayor who you all profess a deep seated hatred for, when he tries to divert your attention from his own incompetence by pointing fingers at public pensions.
They worked hard for decades, they put into their own pension for decades and the city agreed to everything they are now entitled to. To paraphrase a previous post, "fuck you, pay them!"
"20 and out" is "working hard for decades"? being retired at 40 and having the public pay for your medical as well as that of your spouse and children while you have started a second career?
ROFLMAO!!! It's a giant work to welfare program.
Anyone who goes "20 and out" at a young age (unless they're a police officer or firefighter) is hurting themselves, because there's not much money. It's better than nothing, of course, but you still need to have another job to get by.
Pensions and "20 and out" were fine when you quit working at 45 but your life expectancy was 55.
Now that 80+ is pretty much the norm, it is INSANE to still be on such a short system. IT IS NOTTTTT SUSTAINABLE!
White collar assholes have nothing better to do than to be jealous of union benefits.
You chose that lifestyle - NOW SUFFER.
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I enjoy my life in white-collar world. You see, i made sure i got myself an education so i can have a career that i actually enjoy. Hell, i may not retire because i like my work so much.
Unlike most blue collar workers who's only concern is the paycheck, i actually get satisfaction in my work life. Its more than just a means to an end.
What gets me upset, however, is seeing people demand things from like that are not earned. Why should some slob who pushes a button all day have the right to demand more than what their station should be? Sorry, without the education, training, and intelligence, you simply don't deserve it. My place in life is earned.
I hear all the time how its hard for blue-collar workers to maintain a middle-class lifestyle. Guess what??? Blue collar work *shouldn't* earn you a middle class lifestyle. You want to be middle-class or better? get an education, get training, grow up.
My blue collar lifestyle is just fine.i'll retire in 7 years wth another partial pension and my 2 457's.As far as job satisfaction,i had plenty when iwas a cop.Now job satisfaction is a 4 day work week.
You've got it. Anyone who thinks that the city pension alone is enough to retire on doesn't know what they're talking about.
"20 and out" is "working hard for decades"?
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20 years = two decades. So, yes.
i am a union electrician IBEW LOCAL 3 in pomonak/electchester. my father was an electrician , his father and all my uncles were. when they came here from italy its all they knew and all they had..they all worked hard and retired at 65. the last 10 or so yrs. of there lives were happy and the union took care of them. i hope to also retire at that age and have the union take care of me. giving me back what i put in. screw all you republican cocksuckers who talk the talk but wont walk the walk. everything for you and nothing for anyone else. union's work hard for there $$ and are skilled members who continually get training throughout there careers.
you public union guys are priceless- you havent "earned" anything. All your $$ are earned off the backs of people working in the private sector. In case you havent noticed, we have lost about 11 MILLION jobs in the past 3 yrs. you guys barely pay into your own pension. We in the ever shrinking private sector foot the bills. my friends jerkoff dad was bitching that his property taxes went up - YOU DONT PAY THEM WE PAY THEM. cant wait for all this crap to fall apart...
i am a union electrician IBEW LOCAL 3 in pomonak/electchester. my father was an electrician , his father and all my uncles were.
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So three generations later, and none of you were able to get any kind of education and move into a worthwhile career? so sad.
I thought people came to this country to get a better life for their kids. What happened here?
Or is there no desire to move up because you know you get paid far more than the work you put in and what you are worth, and dont want to risk having to actually use your brain and put in some mental effort to make your paychecks?
"I hear all the time how its hard for blue-collar workers to maintain a middle-class lifestyle. Guess what??? Blue collar work *shouldn't* earn you a middle class lifestyle. You want to be middle-class or better? get an education, get training, grow up."
Ha! For a second I thought this was serious.
while i have my pension and full medical benefits when i retire (plus annuity) you white color ass puppets will be jerking your meat wondering where your next meal is coming from..don't worry pea-brains your tea party anti science, ultra christian pin heads will help you out.
"while i have my pension and full medical benefits when i retire (plus annuity) you white color ass puppets will be jerking your meat wondering where your next meal is coming from..don't worry pea-brains your tea party anti science, ultra christian pin heads will help you out."
no pal, you wont have it. where does your "pension" come from? heres a hypothetical: if all the private sector gigs disappeared tomorrow in NY, how would you paid? answer is: you wouldnt. It boggles my mind how you clowns refuse to THINK. privatize it all (which will happen). you wont be getting dick son.
also: do you even know what annuities are mainly invested in? COMMERICIAL REAL ESTATE. u aint getting jack. I am laughin my ass off at your ignorance
Yeah, go hire another illegal Chinese electrician and see how fast your "luxury" condo burns down to the ground you republican outsourcing scumbags. Go fuck yourselves and your union bashing. Go back to your right to work state that your parents bank your trust funds in.
Better yet, get a real job instead of living off of them. Then maybe you'll learn what it is work for a living.
if it was up to these ass clown republicans there would be no minimum wage, no vacation pay, no sick time, no pension plans, no 401k, no disability, no nothing. just work like a slave and make them rich. fuck them.
www.stillmadeinusa.org
it might be educational for some of the anti-republican
demonizers on this thread to research on wikipedia just who is responsible for pension security in the U.S workforce.
check out ERISA,EMPLOYEE RETIREMENT INCOME SECURITY ACT
9/2/1972....signed by President Gerald Ford,one month
after President Richard Nixon resigned.who do you think worked to get this security for all American workers?
can you possibly ignore your bias and ignorance of the truth to give a republican president the credit he deserves ?
prior to R.Nixon ,my pension benefits were in jeopardy as far as vested rights were concerned.
Gerald Ford signed the bill, but who wrote the bill?
Probably a Democrat.
Reagan was the architect of outsourcing. Please don't try and rewrite history in your image.
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