Everett’s Pension Dilemma Needs Sorting Out

Everett’s pensioners should demand an immediate hearing with the mayor and the city’s Chief Financial Officer Eric Demas to discuss exactly why Everett remains almost at the bottom of the list of Massachusetts communities with pension liability.

Pensioners, and everyone working for the city must demand answers from the mayor and the CFO.

Why is Everett among the ten worst pension funded communities in the state?

Why does our liability remain so large?

It is a dwarfing figure almost never mentioned by the expert financiers running the city budget.

Everett owes its retirement account $117.3 million, an astonishing amount of money for a small city like ours..

That owe is larger by 15-20 times than the entire amount of cash the city could put in its hands on if push came to shove.

All retirees should be adamant about the city stepping up its contribution rate instead of trying to hold taxes down by giving away a $12.5 contribution from the casino people as it did earlier this year.

The mayor and his CFO almost wept having to hand $6 million to the school

department last year. They kept babbling about the integrity of the city’s bond rating.

The pension liability is a time bomb. Over time, it could sink the city.
How can anyone in government here claim the city is being run sanely owing a liability that it is so large it cannot be paid?

Pensioners need to know, those working for the city need to know, is our pension safe? Are we at risk?

Yes you are.

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