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City officials asked to back pension change

Posted by Ralph Ranalli March 14, 2007 11:59 AM


The city’s retirement board has formally asked mayor and aldermen to back a transfer of Newton's pension fund to state control.

That move was recommended by a special blue-ribbon commission that said the city pension fund has regularly underperformed the state’s in investment returns. The commission said the state fund made $30 million more than the local fund over the past decade.

Mayor David B. Cohen has already endorsed taking the step, which will now be debated by the Board of Aldermen.

-- Connie Paige

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