In a January 2024 interview, I discussed Newton City finances, pension and benefit obligations, and NPS negotiations.
I supported the City fully funding its pension liabilities but cautioned that doing so by 2032 — eight years prior to the 2040 Commonwealth deadline — might jeopardize funding for other vital City services. Specifically, I said:
“Overall, I think the moves Newton has made towards reducing its liabilities are good. I would encourage it to continue working with the Retirement Board to explore how slight modifications in the payment timetable can enable more current investments in both City and School District programs and infrastructure…
“In coming years, if the economy contracts and jeopardizes Newton’s ability to improve roads and infrastructure while maintaining public safety and school staffing levels, the CIty should prioritize working with the Retirement Board to gain the funding flexibility it needs and should have.”
I am encouraged that the Newton Retirement Board, after collaborative discussions with Mayor Marc Laredo and CFO Maureen Lemieux, adopted a funding schedule providing full funding by 2035. It’s also a good sign that Mayor Laredo is pursuing additional flexibility through pension obligation bond financing. I encourage the City Council to support this pursuit at its April 27 meeting.
David Helfman
Newton Lower Falls
