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Op-ed | Stop using retirees as New York City’s financial backstop
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amNewYork
Every time New York City faces a financial challenge, the same people seem to end up paying the price: retired public servants.
NBC New York recently reported that Mayor Zohran Mamdani delayed a scheduled $3.7 billion contribution to the Retiree Health Benefits Trust (RHBT) to address a city cash-flow problem.
The administration says the payment will be made later this year and that retiree benefits are not immediately affected.
In 2021, State Comptroller Thomas DiNapoli urged New York City to strengthen its Rainy Day Fund so it could better withstand fiscal downturns.
In 2022, then-Comptroller Brad Lander recommended returning the Retiree Health Benefits Trust to its intended purpose of funding retiree healthcare rather than using it as a fiscal stabilization tool.