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Report
Pensions & Benefits
An Expensive and Risky Benefit
How Low Interest Rates Cost New York City Taxpayers $1.2 Billion Annually
October 05, 2016
A unique feature of a tax deferred compensation plan available to NYC teachers guarantees them a 7% investment return regardless of what happens to interest rates or in the stock market.
Op Ed
City Budget
The “20-20-20-20” Dilemma
The Need to Curtail New York City’s Legacy Costs
August 03, 2016
A giant and rapidly growing slice of the New York City budget pays for "legacy costs" - pensions, retiree health benefits, and debt service - which already exceed 20 percent of the budget and will expand by 20 percent to more than $20 billion in annual spending by fiscal year 2020. But the City can take steps to deal with it.
Op Ed
City Budget
The Rapidly Rising Cost of City Workers
New York City Employees Get $138,000 in Pay and Benefits, and Rising
June 09, 2016
The mayor and City Council quickly came to an agreement on the details of an adopted budget for fiscal year 2017, but little attention has been paid to spending projected over the course of the five-year financial plan. We ought to focus, and hold onto our wallets.
Op Ed
City Budget
Make NYC’s Retiree Health Benefit Trust More Trustworthy
May 25, 2016
The City of New York has a $70 billion liability for retiree health insurance costs and other post-employment benefits (OPEB), not including pensions. These benefits are contractually owed to retired city employees and are largely unfunded.
Op Ed
City Budget
Issues Remain In Mayor de Blasio's New Budget
May 08, 2014
For months, the biggest fiscal uncertainty for the city has been how Mayor de Blasio would handle negotiations with the municipal unions that have been working without contracts.
Op Ed
Pensions & Benefits
Doulis: City, Teachers’ Agreement Resolves Major Uncertainty Around City’s Financial Plan
April 30, 2014
The tentative agreement between the city and the teachers union resolves major uncertainty surrounding the city's financial plan and ensures some stability in labor relations with a major segment of the city workforce for the next five years.
Op Ed
Pensions & Benefits
Time To Trim Pensions of City Workers? Yes.
Getting Rid of Excess is Sound Fiscal Planning
June 10, 2006
CBC commends Mayor Bloomberg's effort to curtail pension costs and explains the generosity of New York City's pension benefits in comparison to various peer groups.
Report
Pensions & Benefits
Old Assumptions, New Realities
The Truth About Wages and Retirement Benefits For Government Employees
March 31, 2006
This report summarizes a more detailed study prepared by CBC, “The Case for Redesigning Retirement Benefits for New York’s Public Employees,” released in 2005. For decades the popular image of government employment has involved the tradeoff of lower wages for job security and relatively generous retirement benefits. That image, while still widespread, is no longer the reality.