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Now is a theme that we return to frequently on this program.
Pension benefits busting state budgets nationwide consider this.
The cost of funding -- -- -- benefits in New York City alone that's just one city New York.
Gone off full billion dollars since 2003.
And you gonna pay for most of that.
Citizens budget commission was -- Charles Russia is with me now in New York City Charles welcome the program I think you -- I -- -- zero writing it on New York City.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- The average.
New York City retired government -- -- Gets 42000 dollars a -- yes that's the amount that the average person retiring in recent years last year got as their annual pension and that's the life.
That's that's for life and it will be adjusted for cost of living going forward so it will get higher.
They also get free health care provided by the all thought at the taxpayer when yes that the taxpayers fund.
The full cost of the premiums for health insurance for retiree and spouse for -- pretty comprehensive.
Health insurance package and for those who.
Get on Medicare we also pay for their Medicare part B premiums how about now police officers New York City -- time.
Dollars a year on average -- that's again.
No one's going out recently what -- -- today they'll advertise it pretty young it is there there's no minimum age requirement for police officers and firefighters so and it's a twenty year service requirement so I -- up into the forces had 21 fresh out of college wouldn't -- 22 I can be out a 4142.
-- -- on average of 56000 bucks a year a full life.
Free medical for life that's correct and you go on you can have a second career you can make a lot of money you'll still get that pension.
And in fact the police and firefighters will get a supplement to that.
The one -- -- -- variable supplement and sometimes called the Christmas bonus because every year in December they get another 121000 dollars went went went went went but and that's a check.
Mailed to them right 121000 book -- it was 121000 bucks in January of this year it was an yes events now fixed at that 121000 -- and every single one of them got a 121000 dollar check.
Correct on top of the pension yes that's on top of that 52000 dollar pension mansion -- in the case of a firefighter at 72.
I'm gonna just go fast forward because you can't -- this.
The city council for us all we gonna see the day fairly soon whether those union contracts -- council.
-- we fabricate.
What you -- won't abrogate the contract what happens is that the New York State constitution says we can't change it for people who are getting it now.
But going forward anybody you hire.
You can change the rules for them -- -- -- -- -- because -- that doesn't help if pixel time but it's actually a big help and if the actuaries cooperate that's that's way down the road it is citing health down the road you do but.
If you if you constitutionally can't do something now the trick is to act now so that it doesn't industrialised the next couple years it's not a contract that guarantees these payments it's an act.
Of the New York State Legislature -- on by the government it's legislation that's right it is written in legislation you have to change -- -- legislation.
The mayor has has proposed and we're hoping the state legislature will -- I'm creating some reduced benefits for people going forward this year because you got to act now -- will hit us really on these years coming up.
Let me introduce a tricky subject which is for old men in disability payments.
I understand that in January and February of this year just in New York City.
Fund is retired on disability and each of them received an average that -- received a 100000 dollars a year -- full life.
And -- 100000 dollars is not taxed at the state all local level is that accurate.
Those are those are all correct the pensions are not subject to state and local taxes you go out on disability if you get a disability you get 75%.
Of you were.
Last year's pay as opposed to 50% for the pension.
But it includes overtime and that's how they didn't use up these pensions they do a lot of overtime in the years before they retire 42% of the time font -- -- on disability.
Four out of ten -- yeah.
And that's and -- love fine for me it would look at 9/11 -- he you know different you know against these guys book.
We can't afford this well that's right -- and part of the disability is that again the state legislature is written these laws that say.
If you have any heart disease we assume that's caused by your work.
-- told deemed to be work related and they do it with a lot of long conditions so.
There's this presumption.
That any kind of this disease or disabling condition.
Was caused -- work and therefore you are entitled to the 75% pension.
Please come back to join us again Charles it's interesting stuff is I think a crisis is coming Nazis have both -- --
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