Governor Deval Patrick signed comprehensive pension reform legislation, continuing the Patrick-Murray Administration's efforts to end abuses and close loopholes to create a sustainable public pension system. The bill signed today, S. 2065, "An Act Providing For Pension Reform and Benefit Modernization", builds on legislation signed during the Governor's first term that eliminated the most egregious abuses in the public retirement system.

"We are committed to finding additional ways to eliminate costs in state government and end abuses within the system," said Governor Patrick. "I'm proud to sign this third phase of comprehensive pension reform legislation that will improve the public's trust in government and ensure the pension system's economic sustainability for future generations."

Coupled with the initial two phases of reform, this comprehensive package is expected to save taxpayers more than $5 billion over 30 years, including an estimated $2 billion for cities and towns across the Commonwealth.

"This next phase of pension reform compliments our Administration's ongoing focus to deliver savings, renewed trust, and improvements within the state pension system," said Lieutenant Governor Timothy Murray. "We thank the legislature for their continued partnership in supporting long-term sustainability for the retirement system."