Retirement Board To Discuss Pension Reform Thursday

Andover MA

27 April, 2021

4:16 PM

Description

ANDOVER, MA — The Andover Retirement Board is holding a public hearing Thursday on proposed reforms to the town's pension system, as residents mull a measure to pay off the existing liability. Currently, anyone who works 20 hours per week on a permanent basis for the town or school district is added to the retirement system. The proposed reforms would raise that to 30, 32.5 or 35 hours for future hires — there are three proposed regulations on the board's agenda. The Select Board's appointee Thomas Hartwell has argued that pension reform is necessary for "Andover to fully fund its pensions without massive tax hikes and/or reduction of services." He also argues that without the pension reform, the town cannot expect residents to support the proposed pension bonds to pay off the existing liability. Under the town's plan, $175 million in pension obligation bonds would be issued, raising taxes in the short term but saving money over 30 years, officials say. The proposed bond issuance will go before voters at town meeting in June. The public hearing is scheduled for 4 to 7 p.m. Thursday. It will be streamed live on AndoverTV: Comcast channel 22, Verizon channel 45 or at AndoverTV.org's government channel. A link for participation will be available here on the day of the hearing. Christopher Huffaker can be reached at 412-265-8353 or [email protected].