Skip to content
Subscriber Only

New York City Owes Over $100 Billion for Retiree Health Care

  • Liability has increased by $40 billion over a decade
  • Health-care liability exceeds city’s $93 billion bond debt
Trading On The Floor Of The NYSE As U.S. Stocks Rise While Investors Weigh Trade Threat
Photographer: Michael Nagle/Bloomberg
Updated on

New York City faces future health costs for its retired workers of $103.2 billion, an increase of $40 billion over a decade. It has about $5 billion set aside to pay the bill.

The so-called "other post-employment benefits" liability was disclosed in New York’s comprehensive annual financial report released by the city comptroller’s office Wednesday. The city’s $98 billion unfunded liability for retiree health care exceeds the city’s $93 billion of bond debt and $48 billion pension-fund shortfall.