Sen. Benjamin Downing on local pension system reform

July 2, 2007 -- State Senator Benjamin B. Downing (D- Pittsfield) announced that today the Massachusetts Senate approved legislation that would put underperforming local pension systems into the states pension fund to produce a greater return on investments. The proposal would allow the state to review the investment performance of local pension funds. Those funds would be rolled into the state system if their assets are less than 65 percent of their liability payments to retirees and also have an average10-year rate of return at least two percent less than the states current rate of 10.51 percent.

As Chairman of the Senate Committee on Public Service, Downing led the debate on the Senate floor this afternoon, helping to shepherd the bills engrossment.

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