Pension Tensions

City Pension Fund Woefully Underfunded; Among Worst in State

By Josh Resnek

Everett has one of the most underfunded pension funds in the state, this, according to the 2017 yearly report of the Public Employee Retirement Administration Commission.

Everett’s pension position is the bottom 11 worst in the state among the cities and towns.

Everett’s pension funding is at 49% of what it ought to be, PERAC reported.

The city’s unfunded liability – what it owes to the pension fund for public employees in Everett, stands at $117.3 million.

In 2018, the city will have paid into the pension account about $14.9 million.

The Everett Pension Board headed by William Pierce distributed $12.6 million in pension benefits in 2018.

The municipal funding of many city and town pension funds in Massachusetts remains a serious economic concern. Screen Shot 2018-08-16 at 2.17.28 PM

Everett’s neighbors are all better off than Everett with their pension liabilities.

In Chelsea, the pension fund stands at 64% of what it should be. Chelsea’s unfunded liability stands at $78.9 million.

Revere’s unfunded liability for its pension fund stands at $108 million. Revere’s funded ratio is 56.1%

Malden’s funded ratio is 71.3%. Malden’s unfunded liability stands at $90.8 million.

Efforts to reach Eric Demas, Everett’s Chief Financial Officer, were unsuccessful.

Demas also serves as a member of the Pension Board. Other Pension Board members

are: Peter Cocciardi, former City Clerk Michael Matarazzo and Harold Mayo.

 

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