Pioneer’s research on Massachusetts’ 104 public pension systems seeks to advance reforms that provide fair and sustainable retirement support. The state’s current public pension systems have staggering unfunded liabilities and offer retirement benefits above most of the private sector.
A reformed pension system would limit unfunded liabilities and provide retirement funding more consistent with private sector plans, while offering the incentives needed to attract a qualified state workforce.
As an introduction to MassPensions, please view the tables below that provide a compelling insight into the current state of Massachusetts’ pension system.
Table One: Retirement Boards that are Most Funded as of the 2022 Annual Report
|
Retirement Boards |
Funded Ratio |
|
Leominster |
119.4% |
|
Shrewsbury |
105.8% |
|
Watertown |
103.6% |
|
Quincy |
101.2% |
|
Massport |
98.4% |
Table Two: Retirement Boards that are Least Funded as of the 2022 Annual Report
|
Retirement Boards |
Funded Ratio |
|
Springfield |
35.6% |
|
Fall River |
44.5% |
|
Andover |
46.9% |
|
Boston Teachers |
47.1% |
|
Worcester Regional |
50.9% |
|
Actuaries |
Number of Retirement Boards Represented |
|
PERAC |
40 |
|
Segal |
19 |
|
Stone Consulting |
18 |
Table Four: The Retirement Boards with the Most Active Members (2022)
|
Retirement Boards |
Number of Active Members |
|
Mass Teachers (MTRS)* |
98,926 |
|
State Retirement Board* |
85,999 |
|
Boston City* |
14,581 |
|
Middlesex County* |
9,432 |
|
Worcester Regional |
7,121 |
* Indicates that these retirement boards have both the most active members and the most number of retired members across all retirement boards.
Table Five: The Retirement Boards with the Top Ten Highest Returns (2022)
|
Retirement Boards |
Return |
|
Norwood |
-4.61% |
|
Brockton |
-6.33% |
|
Plymouth County |
-6.68% |
|
Holyoke |
-6.92% |
|
Westfield |
-7.21% |
|
Stoneham |
-7.71% |
|
Belmont |
-8.32% |
|
Andover |
-8.37% |
|
MASS Housing |
-8.46% |
|
Worcester |
-8.47% |