Healey, Hillman to Reform Pension System
Earlier this week, Lt. Gov Kerry Healey and running mate Reed Hillman unveiled a proposal to reform the state’s public employee pension system. The plan would introduce fairness and transparency, save municipalities millions of dollars, and stop the current abuses of the system.
The proposed system would switch new state employees to a 401(K) style plan. This would save taxpayers hundreds of millions of dollars every year and, over time, erase the state’s current $13 billion pension debt.
According to a recent study, legislative changes to the pension system provided richer benefits for some and offered early retirement incentives that cost the taxpayers an additional $125 million per year.
That’s the kind of fiscal reform I’d like to also see at the federal level!