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| Re: Bloomberg: End Free Metrocards For MTA Retirees (896465) | |||
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Re: Bloomberg: End Free Metrocards For MTA Retirees |
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Posted by David on Sun Feb 7 18:07:02 2010, in response to Re: Bloomberg: End Free Metrocards For MTA Retirees, posted by brightonr68 on Sun Feb 7 17:37:13 2010. Not to take a position on the Mayor's suggestion, but retirees cost MTA more than "zero." The pension systems are subject to the whims of the financial markets, but the pensions that are paid out are guaranteed. When the markets tank, the governmental entities for which the pensioners worked (New York City, New York State, MTA, etc.) are required to subsidize the systems to which the pensioners belonged (NYCERS, etc.). In fact, MTA's proposed 2010 budget (available on the MTA website) menstions tha a $100 million pension payment for 2009 would be delayed until 2010, as a cash management issue to get MTA through 2009 after the initial announcement (in December) about a shortage of receipts from the payroll tax.David |
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