Bloomberg: Fifth-Tier Pension "Only Logical Solution"

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.