In an article found in various news sources including the Lowell Sun, the headline reads that the "Senate slashes pension benefits; House to vote next." When you read into the details of the plan, the proposed changes only affect new hires after Jan 1, 2012. The changes to the pensions are raising the minimum retirement age from 55 to 60 and eliminating incentives to retire at the early age. The proposal also extends the formula to calculate the pension from 3 year period to 5 years.
Comments from our State Senator Ken Donnelly, a former union official for state firefighters and a retired firefighter include, " he understands why state legislators are trying to address unfunded pension liabilities, but he claimed savings could be found elsewhere," although where was not elaborated in the article.
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PENSION REFORM ??????
Teachers and union positions (S2010) Senate 34-0. Approved an amendment that would provide that teachers who become part-time by taking a second job with their union still be credited with full time service as a teacher for pension and benefits purposes. The teacher would be required to pay monthly into the retirement fuind the amount he or she would have contributed had he or she been teaching full-time. Amendment supporters asid under current law, only teachers who stop teaching and take a full=time job with the union are eligible for the full time credits and benefits for that time period. They argued teachers who teach part-time and work for the union should have the same opportunities as teachers who decide to work full time for their union. (beacon hill roll call)
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