Ending municipal contributions to union annuity funds and pegging health insurance reimbursement to the lowest-cost carrier could save New York City a combined $460 million of first-year savings, a watchdog agency said Thursday.

They were among the newest savings scenarios the New York City Independent Budget Office presented Thursday in its 12th annual budget options for the city. IBO examined about 80 ways for the city to reduce spending or raise revenue, and presented pros or cons for each option.

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