As of 2019, New York City had $115.8 billion worth of unfunded retiree health care benefits. Unfunded retiree health care benefits make up most of what is called “other post-employment benefits” or OPEB. OPEB are the benefits that a person receives after they retire that are NOT part of their pension. 

OPEB debt is the main contributing factor to the $333.5 billion in city-level debt. Last year, there was a $160.1 billion shortfall in OPEB funds. This is partially because one of the ways cities make their budgets look balanced is by shortchanging public pension and OPEB funds.