Protect public education in Massachusetts by protecting our pensions
Massachusetts educators pay more than 90 percent of our own pension costs.
All Massachusetts public employees pay the vast majority of their pension costs. And Massachusetts public employees do not receive Social Security, saving taxpayers millions of dollars. In fact, Massachusetts has the lowest state contribution rate in the nation for teachers and the fifth-lowest contribution rate for state employees of the states that do not contribute to Social Security.
Despite this, the Legislature will soon consider reducing pension benefits for future educators For years, the state and municipalities were on a “pay-as-you-go basis.” Even after reforms in the 1980s resulted in the state beginning to set aside funds for future obligations, not enough money was put into the retirement system. This contribution shortfall resulted in insufficient investment into the system by the state and, as a result, less money earned from investments.
Cumulatively, the combination of insufficient funding and the economic downturn resulted in an unfunded liability in FY10 of $20 billion. This is a serious problem that requires a solution, but it must be a balanced solution. Reducing the benefits of future employees is not the answer.
We’re proud that Massachusetts public schools, colleges and universities are among the best in the nation. We need to continue to attract and retain quality educators so our students can learn and succeed. Asking new educators to take a lesser benefit than you will have during your retirement years is not fair.
Tell your representatives and senators it is wrong. Our legislators shouldn’t force future public employees to pay for the mistakes of the past.
Contact Your Legislators