Word: pension
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...actuarial value of the assets in the pension fund was $766 million, giving Cambridge’s pension plan a funded ratio of 91.96 percent—just above the 90 percent ratio that many experts say is financially responsible. By comparison, Boston’s funded ratio in 2006 was only 64.40 percent, or well below the 80 percent that is generally considered “at-risk...
...would venture that Cambridge has if not the strongest, then certainly one of the strongest pension plans in the state,” said City Councillor Brian P. Murphy ’86-’87. “Certainly, for every pension system in the state, it’s been a rough year. But we’re fortunate that, because we behave more like an ant than a grasshopper, we’re more prepared to handle the economic winter than anybody else...
...city’s pay-as-you-go pension program, administered by the Cambridge Retirement System, covers employees for the City of Cambridge, the Cambridge Health Alliance, the Housing Authority, and the Redevelopment Authority. Each year, the city allocates part of its budget—$26 million in 2008—to pay the pensions of current retirees...
...contribution is also used to support future retirees reducing the city’s unfunded pension liability, or the amount by which the fund’s assets fall short of what experts predict the fund will need to cover pensions in the coming decades...
...Pension funds are often heavily invested in the stock market. Because of the economic turmoil, Massachusetts lawmakers have been forced to consider extending the 2028 pension fund payment deadline to help cities and towns cope with the chilling economy...