The Boston Globe has a story here about the pension reform bill which passed the General Court yesterday. The bill does tackle what I would call pension abuses but cannot in my opinion be called reform. What the state and municipalities need is the ability to go to defined contribution plans, rather than defined benefit plans. That is the direction that private companies have taken over the past few decades. Currently pension provisions are mandated ...
... by Massachusetts General Law, MGL Chapter 32
Allowing municipalities to negotiate the level of pension compensation would be another step that would be welcome as real pension reform.
Friday, June 12, 2009
Pension reform bill passed
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Reform? What a joke. Let's just push the date to have the pension fund fully funded out another ten years and call it good until eight years go by when we will have to push the debt even further out and onto our children's shoulders. Reform? Reform? Are you kiddin' me? Either they think we are stupid or they are thumbing their noses at us. Reform?
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