Middlesex Regional Retirement Board, Billerica, Mass., may reorganize its $510 million system under legislation before the state House of Representatives. The bill, introduced by state Rep. William Greene, D-Billerica, was filed on behalf of six member towns whose officials oppose increased assessments and seek more control of the system.
The legislation seeks to abolish the current five-member board, create a new seven-member regional retirement board and appoint a new executive director to replace James Fahey. The seven-member board will be elected (with one member appointed by those elected). Under the new system proposal, member towns may issue pension obligation bonds to offset accrued pension liability.
Mr. Fahey, who was Middlesex County treasurer before the county was disbanded in 1997, doesnt think the change is necessary but has "a great deal to do with the frustration of the times. The legislation, which was filed without consulting the existing board, has yet to reach the floor of the state Legislature, said a spokesman for Mr. Greene.