New York State and its local governments have a total unfunded liability for public-sector retiree health insurance benefits of nearly $250 billion, according to a report from the Empire Center for New York State Policy at the fiscally conservative Manhattan Institute for Policy Research.

“In other words, New York’s state and local governments have promised about one-quarter of a trillion dollars in post-retirement health care coverage that they have set aside no money to pay for,” said E.J. McMahon, a senior fellow at the institute and author of the report.

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