Mass. is not the only blue state making changes to its pension system - Rhode Island went further than Mass. by making changes that affect current retirees, not just future ones like Mass. did.

The situation was pretty dire though: "Many states are wrestling with rising pension costs, but Rhode Island's situation is among the worst in the nation. According to research from the Pew Center on the States, Rhode Island is one of only two states to have less than 50 percent of the funding needed to cover benefits that public sector employees have already accrued."

The legislation suspends cost-of-living adjustments for those collecting state pensions and raise the retirement age for most employees. It also sets up a hybrid system for state employees and teachers, mixing a traditional pension with a retirement account similar to a 401k.  Read more here.


 
 
Last week the Massachusetts Legislature approved an overhaul of the state’s pension system that would raise the minimum retirement age for future state employees to 60.

The measure is expected to save over $5 billion over the next 30 years.

This is an huge step in the right direction for fiscal responsibility and not saddling the future generation with our debt.

Thank you Voters Count supporters for your calls and emails to legislators!