Arun Venugopal is a reporter and the creator of Micropolis, WNYC’s multi-platform series examining race, sexuality, religion, street life and other issues that define New York City. He has been with the station since 2005, and has covered a wide range of stories, including the death of Sean Bell, the controversy over the Park 51 mosque and community center and Occupy Wall Street .
Bloomberg: Fifth-Tier Pension "Only Logical Solution"
Monday, March 16, 2009
New York, NY —
Mayor Bloomberg says the city's pension costs are getting out of control. According to the mayor, pension costs will grow from $6.3 billion this year to $9.6 billion in seven years - a 50 percent increase.
BLOOMBERG: The only logical solution is a fifth tier for the pension system. I know nobody is in favor of it, but the bottom line is the alternatives are something that we cannot live with.
REPORTER: The fifth-tier would require municipal workers to work longer before receiving a pension, something that unions have fought against. The rule would only apply to new workers.