NYC cancels $900M deferred payout to teachers, cites financial crisis

The de Blasio administration has canceled a long-scheduled $900 million deferred compensation payout to current and former teachers, citing the coronavirus-induced financial crisis.

The payout due this month — the last in the series of five stemming from union negotiations between 2009 and 2011 — was called off as the city attempts to limit the number of administration-wide layoffs, First Deputy Mayor Dean Fuleihan wrote to the teachers union Thursday.

“It is the city’s desire to avoid the necessity for layoffs, and to make a retroactive payment at this time would therefore be fiscally irresponsible,” Fuleihan wrote in a letter to Michael Mulgrew, president of the United Federation of Teachers.

nypost.com/2020/10/08/nyc-cancels-900m-deferred-compensation-payout-to-teachers/