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The Patrick administration and leaders of the Legislature agreed to significantly boost funding for the state pension plan over the next three years and beyond, aiming to fully cover the liabilities by 2036.
Under the proposed plan, the state would boost its annual contribution to the fund by 10 percent a year for fiscal 2015 through 2017. That’s a $163 million jump in the first year alone. After three years, the increases would be 7 percent annually.
The state and many local pension funds across the commonwealth pushed out their fully funded dates out to 2040, from 2028, after the losses of the financial crisis. That delay could cost taxpayers $26.4 billion if the pension boards don’t adjust their schedules, a new report by the Pioneer Institute, a Boston think tank, warns.