Full and original article posted on GoLocal Worcester
In April, the Worcester Regional Research Bureau issued a report that painted an admittedly grim picture for Worcester’s future retirees and budgets. Even on the heels of recent reform, the city’s current retiree benefit liabilities stand at $656 million, and it is estimated in the report that nearly one-third of Worcester’s annual budget will be consumed by retiree benefit commitments in a decade . The report also found that as of 2011, the city’s retirees (4,873) outnumbered the active workforce (4,154), and the trend is expected to continue.
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