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Funding for Springfield’s ‘precarious’ pension system ticks upward
Updated 5:13 AM;
SPRINGFIELD An audit of the city’s finances still finds the retirement fund in “precarious” condition, and it remains the worst-funded public pension system in Massachusetts, but city officials took solace in a newly reached milestone.
Powers & Sullivan LLC, of Wakefield, reported Wednesday that the city’s pension system is 30.2% funded, surpassing the 30% mark for the first time in recent years. This was based on valuation data as of Jan. 1, 2020, and compares to 27.2% two years earlier.
City councilors, after hearing the latest audit report this week, said Thursday they are glad there has been progress. ....

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