Payments a western Massachusetts city owes its future retirees is the topic of a special meeting Monday.
Springfield City Council President Mike Fenton said the city’s municipal pension account is the most underfunded of any in the state. He said it the reason he voted against this year’s city budget.
"Budget decisions we make today in 2015 will have ramifications on future generations if we don't tackle the elephant in the room, which are unfunded liabilities," said Fenton.
Fenton scheduled the special meeting to get a full report on the city’s unfunded pension liability, currently estimated at $700 million, and to find out what the administration plans to do about the problem.
