Under current laws and contracts, most of New York’s 1.3 million state and local government employees can look forward to receiving taxpayer-subsidized health coverage for the rest of their lives. This amounts to a mammoth wealth transfer from future taxpayers to current employees.

…New York’s state and local governments have promised more than $205 billion in post-retirement health care coverage that they have set aside no money to pay for.

Iceberg Ahead: The Hidden Cost of Public-Sector Retiree Health Care Benefits by E.J. McMahon | Empire Center | 2012 Update