Take a look here at city Comptroller Glenn Klocko's presentation to the new committee about the financial, legal and actuarial issues involved in the proposed use of excess pension money for a new trust fund for post-employment benefits. It's a lot information, not all of which will make sense without the background, but I think it should help explain why this issue is so important.
What's at stake, when you come down to it, is whether excess city pension will cover the tab for retirees' health insurance or if taxpayers will shell out more to pay for it. The only other option is to reduce the benefits, which could happen, but I'm not sure why anyone would prefer that to tapping the pension excess.
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