The Massachusetts Senate plans to vote next week on a major overhaul of the state pension system designed to cut benefits for future workers, saving $5 billion over a 30-year plan.

The plan is similar to one unveiled by Governor Deval Patrick in January that received support from Senate and House leaders. States across the nation are facing problems with unfunded costs that have to be absorbed by taxpayers. Massachusetts, though relatively stable, is facing a $20 billion gap.

State Senator Katherine Clark, a Melrose Democrat who leads the Legislature's committee on public service, said she expects the bill to be approved by her committee by Monday and reach the floor of the Senate on Thursday.

The House will be debating casino gambling legislation next week and has not set a timetable on the pension bill.

Filed Under : Pensions