BOSTON (AP) — Gov. Deval Patrick has signed into law an overhaul of the pension system for public employees.
The bill approved by the Legislature earlier this week is aimed at saving the state $5 billion over the next 30 years and reducing the state’s $17 billion unfunded pension liability.
Patrick said after a signing ceremony in his office that the new law will help to end pension abuses that “set everyone’s teeth on edge, including my own.”
State Treasurer Steven Grossman said the state’s willingness to tackle the pension system helped to improve the state’s bond rating and lower borrowing costs.
Among other changes, the law raises the minimum state retirement age from 55 to 60 for state workers hired after April 2, 2012.
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