From the Boston Globe:
http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/05/21/the_battle_to_curb_public_pensions/

An excerpt, but I suggest reading the entire article:

"At least the MBTA pension situation isn't getting any worse. An amendment adopted during the state House of Representatives budget debate and included in the Senate's recent budget proposal increases from $12,000 to $16,000 the amount upon which cost-of-living increases are calculated for teacher and other state retiree pensions. Earlier this month, busloads of retired teachers descended on the State House to lobby for pending legislation that would guarantee future escalation by linking the base amount to the consumer price index.

The change would raise the average pension just $120 for the coming year. But compounded annually, the move could end up costing taxpayers more than $8 billion.

Next year, taxpayers will pay almost $1.5 billion out of a likely $28 billion budget to retire the Commonwealth's more than $13 billion unfunded pension liability. Hiking retirement benefits would extend the time at which state pension obligations will be fully funded from 2023 to 2026."

My view: The state pension system is already out of control and it seems like the situation is moving in the direction of more out of control rather less.

Best wishes,
ahbgone

http://www.eagletribune.com/puopinion/local_story_189235802.html?keyword=secondarystory

An excerpt:

"While Democrats insist the budget is an austere one, the fact is that legislators were much more willing to increase spending on certain items than they were to make meaningful reductions. In one of the more irresponsible actions, House and Senate conferees added a provision granting some 250,000 retirees a cost-of-living increase in their pensions, which means more pain for cities and towns and requires that the state push back by an additional three years the date by which it fully funds its obligation to pensioners."

State pension benefits are already too generous - this is a step in the wrong direction.

Best wishes,
ahbgone

It appears that the Boston Globe is firmly in my corner - a bit late to the party but still - Wow, I wasn't expecting that.

Best wishes,
ahbgone

http://www.boston.com/bostonglobe/editorial_opinion/editorials/articles/2008/07/28/golden_parachute_pensions/


MAYBE A reminder is in order: Public pension systems were designed to provide workers with a reasonable retirement income when they are no longer capable of performing on the job. For some former public employees in Massachusetts, however, the pension system can be manipulated to boost their incomes while the workers are relatively young and gainfully employed.

A recent Globe analysis found that state and local governments are on the hook for as much as $235 million for 386 employees who are taking advantage of an obscure state law originally designed to protect employees from politically-motivated firings. Former bigwigs at the Big Dig, including former directors Michael Lewis and Patrick Moynihan, are among the windfall recipients. Normally, state workers must wait until age 55 to receive their pensions. But Lewis, the current transportation secretary in Rhode Island, started collecting his $72,000 Massachusetts pension last year at age 46.

http://www.boston.com/news/local/articles/2008/08/12/patrick_rejects_pension_increase/

Astoundingly, Deval Patrick vetoed the pension COLA increase.

The expected receipts for the FY2009 state budget must be in really bad shape.