1. Boston Business Journal - Pension report says consolidation plan would save $25M per year

    A new study by the Pioneer Institute in Boston makes the case that the state’s 105 separately managed public-employee pension systems are overstaffed, inefficient and wasting approximately $25 million a year in administrative costs.  In a policy brief released late Wednesday, the local think tank said the consolidation of those plans into a more centralized management system could save up to $22.5 million in annual employment costs and another $2.3 million in stipends paid to the various board members who presently oversee each individual pension program. According to Pioneer, each system has a five-person board whose members ...

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    1. There is a huge disparity among the 105 systems in terms of staffing levels and number of beneficiaries served.
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