Governor Patrick to propose pension changes
Governor Deval Patrick released a proposal on Jan. 18 that would make several changes in the way public employee pensions are calculated. Most of the proposals would affect public employees hired after enactment of the bill, if it is passed.
Senate President Therese Murray and Speaker of the House Robert DeLeo joined the governor at a press conference announcing the plan, and they expressed their support for it. The governor said the changes are necessary to keep the state’s defined benefit pension system sustainable for future generations.
MTA President Paul Toner said, “The MTA has just received a copy of the plan and will be studying it, with the help of pension experts, to determine how it would affect current and future employees. We understand that the Commonwealth is facing challenging economic times. At the same time, we need to make sure the system is both fair and sustainable. Our members do not participate in Social Security. A reliable, adequately funded defined benefit plan is essential for their retirement security.”
Toner added, “Governor Patrick has offered to discuss this issue with the MTA as it moves through the process. We appreciate his offer and will be letting him know our position once we have had a chance to carefully analyze the bill and its impact on our members.”