"Don't Make Any Big Plans Just Yet": DB Slashes NYC Budget

If they go after retired guys, they won't go after the pensions, which are essentially a fully funded annuity. They'll abandon their obligation to pay for health care instead. The other thing they'll do is attrition down the job again, like Bloomberg did. Kaiser Wilhelm has actually added about 4,500 cops above the level he inherited.

Also, don't forget the last 10-11 years of hires have deficient pensions, that will pay out less, due to David Paterson and the Demoncrats killing Tier2.