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Who are under 40 and collecting pensions, and they will technically collect those pensions for the rest of their lives. >> reporter: contracts for almost all 300,000 city workers expired at least three years ago. the next mayor will be under pressure to win concessions. >> the unions have tried to wait it out. they dont want to negotiate with mayor bloomberg because hes a tough businessman. >> reporter: many new yorkers remember 1975 when the city almost went broke after president ford said no t...