Lawmakers Approve Mass. Pension Bill

The Massachusetts Legislature has approved an overhaul of the state’s pension system that would raise the minimum retirement age for future state employees to 60. The measure aims to save $5 billion over the next 30 years and reduce the state’s $17 billion unfunded pension liability. Backers also say it will help preserve the state’s credit rating, which was recently upgraded by Standard & Poor’s.

“It’s a positive step,” said Massachusetts Taxpayers Foundation President Michael Widmer. “On the other hand, the pension legislation applies only to new hires, so it won’t have any short-term impact of any significance."