Heather Gillers

speaker

548 appearances 11 recordings 1 series first heard Nov 2018 last heard Oct 2021

Heather Gillers’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Some States Have Stopped Paying Retiree Health Benefits · 2 May 2019 podcast

And so you see states and cities looking to places where they can cut. matched

And unlike pension liabilities, which are protected in many states by very strong court decisions, matched

healthcare for retirees is not generally seen by courts as the same kind of right, as the same strongly protected, entitled benefit. matched

As states are looking ahead and matched

thinking about what they can afford to pay for and how much they're willing to raise revenues, you know, income taxes, fees, sales taxes, they are oftentimes seeing a mismatch between the revenues that they are willing to or feel capable of collecting and the expenses that they want to pay. matched

And in retiree health benefits, they found a place where they can cut matched

North Carolina is has among the highest liabilities there. matched

Theirs comes to almost 30 billion dollars. matched

So so you know for for a state that that's quite a lot of money to be looking at at paying and keeping that kind of liability on your balance sheet can have wide ranging consequences. matched

You know North Carolina has a very good bond rating. matched

They want to protect that bond rating in order to pay as little as possible. matched

when they borrow, carrying around a $30 billion liability doesn't help you with something like that. matched

At the same time, you're often seeing a backlash from these types of cuts. matched

Healthcare in retirement, you know, and healthcare provided by a state government tends to be better than what Medicare has to offer. matched

It can happen at much earlier ages. matched

Medicare starts at 65. matched

Retiree healthcare that state governments and city governments offer can start at 50 or 55. matched

And matched

In professions like police work, like fire, like corrections, you're really asking people to put themselves in danger in the public service. matched

And the idea that they're going to get decent health care in retirement may be one of the things attracting them to that job. matched

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