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Report: Funding Snag For NY Gov’t Retiree Benefits

New York State Senate (credit: CBS 2)

New York State Senate (credit: CBS 2)

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NEW YORK (AP) – A think tank says the state and local governments have not set aside money to cover $205 billion in health benefits promised for retired public-sector employees.

The findings were released Wednesday by the Empire Center for New York State Policy. It’s part of the fiscally conservative Manhattan Institute.

Among other things, the center recommends preserving health benefits for employees who’ve already retired, but requiring them to pay a larger share of their premiums.

The center says retiree health insurance coverage should be eliminated for new hires, and for employees who’ve been on the payroll for less than 10 years. It says those workers should be shifted into retirement medical trusts.

(Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)