City councilors in Springfield, Massachusetts Monday are expected to take steps to boost the city’s severely underfunded pension account.
Springfield Mayor Domenic Sarno is asking the councilors to transfer $1 million in surplus cash into the pension fund.
Sarno said his administration is backing an aggressive multi-year proposal to increase contributions to the pension plan which is the most underfunded of any municipal retirement system in the state.
" I am not looking to kick the can down the road. We are going to continue to address it," Sarno told city councilors earlier this month.
Officials stress that even through the retirement system is only 26 percent funded no current retiree’s pension is in jeopardy.
