MTA's Big Wall Street Losses Could Bring Higher Fares
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Wall Street's meltdown drained the pension fund of the Metropolitan Transportation Authority of about $500 million, which could mean higher fares for commuters.
According to MTA officials, pension funds dropped 25 percent in value this year because of tanking investments.
Agency employees will still get their retirement benefits, but the losses only add to the agency's budget problems.
The MTA's financial chief says the pension loss could make fare hikes and service cuts more likely.
Earlier this week, the MTA said it might raise fares to $3 a ride and increase the price of a 30-day MetroCard from $81 to as much as $105.
Some bus and subway routes could be eliminated, as well.
Hearings about the changes start January 14.