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New York City Joins The "Imminent Bankruptcy" Club

• https://www.zerohedge.com, by John Rubino

But most people see pensions as essentially an accounting issue – and therefore boring – so it doesn't pay to go back to this particular well too often. Still, New York City's missing $100 billion can't be ignored:

New York City Owes Over $100 Billion for Retiree Health Care
(Bloomberg) – 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.

"The numbers are huge," said Maria Doulis, a vice president at the Citizens Budget Commission, a budget watchdog group funded by the business community. "If you're looking at the big three liabilities, this is the one that's problematic, because there's nothing set aside to address this and there's absolutely no strategy on the part of the city."

New York, the most populous U.S. city, has almost 300,000 current employees and is responsible for more than 230,000 retirees and their beneficiaries. City employees with 10 years of service qualify for free retiree health care.

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