New York State Retiree Health Costs Rise 29% to $72 Billion
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New York state owes $72.2 billion for promised health benefits for retired government workers, a 29 percent increase from the year before, according to a financial statement.
Future retiree benefit costs rose by $16.3 billion in the fiscal year ended March 31, exceeding the state’s outstanding debt by more than $15 billion, according to the statement published last week. New York City’s retiree health-care liability was $84 billion for the fiscal year ended June 30.