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Employee Health Care Cost Change in Massachusetts Estimated to Save Cities and Towns $100 Million in First Year

The bill directs that the percentage paid by employees for their health care plans would still be subject to bargaining. And, it sets the state Group Insurance Commission health care plan, which provides health insurance for state employees, as a benchmark for local communities.

Governor Says Fees for Massachusetts Health Care Program May Rise

Excerpt: Hundreds of businesses may be hit up for more money due to the escalating costs of the state's new universal health-care system. Gov. Deval Patrick yesterday refused to rule out a possible increase in the $295 annual assessment some firms have to pay per employee for the new Commonwealth Care program. Patrick said the landmark program is a victim of its own success in some ways, because so many more uninsured people have signed up than anticipated.

How CEOs Can Pick Up the Ball on Insurance Coverage

"With thorough research and, potentially, guidance from independent consultants, companies could secure better premiums, improve outcomes, reduce denials, and enhance employee satisfaction. However, many organizations rely only on advisors who focus narrowly on premiums ... This is particularly problematic when using commission-based advisors whose incentives align with insurers, not the employers or employees. For the advisor/consultant, higher premiums yield higher commissions, bonuses, trips and other rewards."

When to Say 'No Thanks' to Your Workplace 401(k)

"The majority of plans are a great deal for employees, and over the years, the design of 401(k) plans have been tweaked to help workers make smarter choices. But some plans, typically smaller plans with fewer participants and, thus, fewer total assets, lack important features. If your plan is subpar on more than a few key elements, it's worth considering doing your saving elsewhere. Here are key questions to ask yourself, and your employer, before you decide[.]"

Massachusetts Governor Signs Bill Encouraging Early Retirement of State Workers

"Republican Gov. Charlie Baker ... signed into law a bill offering incentives to thousands of state employees to take early retirement, cutting the state's payroll by an estimated $172 million in the next fiscal year.... [C]ompromise language ... caps at 5,000 the number of executive branch workers who can opt for early retirement and allows the administration to designate certain critical positions that would be exempt from the program.... Employees must be at least 55 years old and have 20 years of service in state government to apply for early retirement. They can boost their pensions by adding five years to their ages or to their lengths of service."

Massachusetts Probes Firms Seeking to Buy Pension Income Streams

"The inquiry letters seek information on whether the company does business in Massachusetts; how and by whom it is marketed; whether Massachusetts residents have been contacted; as well as information needed to determine if the future income streams have been securitized."

Under 50 and Grabbing a State Pension in Massachusetts

"In the past three years, there have been 475 state workers who retired before age 50 ... New reforms went into effect for state workers hired after April 2, 2012.... But state workers hired before those reforms are grandfathered in to the old rules, including a provision that hands out pension checks to anyone working at least 10 years by age 55.... Retirement officials estimate that nearly all the 86,000 members currently in the pension system can retire under the old rules."

Pension Tension Mounts in Massachusetts As Taxpayers Hand $100G-Plus Payouts to 85 Retirees

Excerpt: The number of annual six-figure payouts has skyrocketed by nearly 50 percent in the past two years alone - from 57 in 2005 to 85 - and some of those fat checks are going to golden oldies as young as 47 years old, state records show. Eight of those retirees are former state police officials who are 55 or younger, including Reed Hillman, the GOP's 2006 candidate for lieutenant governor.

A Primer in Pension Padding

Excerpt: I often begin the government class I teach to MBA students with a few tips. The first is that when government does something that seems to make no sense, always ask whether the move results in someone's pension getting a boost. Invariably they look at me as if I've lost my mind, but public pensions have again been in the news with the Contributory Retirement Appeal Board's denial of former UMass President William Bulger's claim that a housing allowance and annuity payments[.]