Bloomberg: Fifth-Tier Pension "Only Logical Solution"

Monday, March 16, 2009

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.


More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.


Latest Newscast




WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public


Supported by