Retiree Benefits...

Retiree Benefits Threaten to Consume 1/3 of Worcester Budget

Full and original article posted on GoLocal Worcester

Last week, The Worcester Regional Research Bureau released a report entitled  “A Prescription for Retiree Health Care,” to address a crisis local governments are facing as to how to pay for “OPEBs” – “other post-employment benefits,” which includes retiree health benefits — that were promised to retirees in better fiscal times.

According to The Research Bureau, despite recent reforms, the Worcester OPEB obligation now stands at $656 million, and is predicted to consume one-third of the city’s budget within a decade, if not addressed.

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