Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City faces $43 million pension payment; CFO, treasurer weigh timing and cash options
Summary
New Bedford’s FY26 pension assessment is $43.6 million, the CFO said, creating pressure to deliver a large up‑front payment to the retirement system. Officials discussed timing, interest penalties and alternatives such as short‑term borrowing to keep the city from losing investment earnings.
New Bedford officials told the City Council’s budget committee on May 27 that the city’s fiscal 2026 pension assessment will total about $43.6 million and the retirement board is seeking payment early in the fiscal year. CFO Bob Ekstrom said the board is invoking a provision that would require the city to deliver the full assessment near the start of the year, rather than in later installments.
The timing matters because pension funds invest contributions immediately. “This year, the board has opted to take advantage of ... Mass General Law chapter 32 that allows them to assess the city,”…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
