Business Excellence Awards
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BOSTON – Gov. Deval L. Patrick last month signed comprehensive pension-reform legislation, which he said is a cornerstone of his administration’s effort to end abuses and close loopholes to create a sustainable public-pension system.
The bill, S-2065, An Act Providing For Pension Reform and Benefit Modernization, builds on legislation signed during Patrick’s first term that eliminated the “most egregious” abuses in the public retirement system.
Coupled with the initial two phases of reform, this comprehensive package is expected to save taxpayers more than $5 billion over 30 years, including an estimated $2 billion for cities and towns across the state.
The legislation increases the retirement age for most state workers to more closely align the state with federal guidelines set for Social Security benefits and eliminates incentives to retire early. The reforms also allow retirees in a same-sex marriage who got married in the year following the legalization of same-sex marriage in Massachusetts the option to provide a benefit to their spouse. •