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Treasurer warns extending retirement funding schedule won't provide immediate relief to member communities
Summary
Treasurer Tom O'Brien said member communities have been warned since 2014 about rising retirement costs and that extending the funding schedule would not provide immediate relief; the Retirement Board will await actuarial data and discuss the matter May 26.
Treasurer Thomas J. O'Brien updated the commissioners on recent inquiries from Plymouth County member communities about rising retirement costs, noting that communities had been warned about these increases since 2014.
O'Brien emphasized that "extending the funding schedule would not provide immediate relief" and cautioned that any change would not take effect until fiscal year 2028 and could carry long-term costs, including potential impacts on bond ratings. He said the Retirement Board will discuss the issue at its May 26 meeting once actuarial study data are available, and he suggested making a presentation to the Plymouth County Advisory Board at its annual meeting.
