Wednesday, January 6, 2016

Duval Patrick: This is another fine mess you've got us into.

Massachusetts ranked among the best-funded state pension plan when Duval Patrick was elected governor. When he recently left office, it ranked among the worst. Employees continued to contribute 11% of their gross income to the fund, but the state has not put in its share since Gov.Patrick's first budget. (As far as I can remember. This is my impression and I tried to verify it by reading the pension fund's annual report, but they don't break out the state's contribution.) Four states are given a grade of "F" by the Urban Institute for funding their plans: Massachusetts, New Jersey, Pennsylvania, and North Dakota.

Patrick was a big spender, and non-payment of pension contributions is a form of deficit spending that does not require legislative approval.

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