Fiscal Year 2019 Budget

Beginning July 1, 2018 and ending June 30, 2019

Last updated: 7/1/18

Pensions

Boston’s Pension budget is based on the current pension schedule approved by Boston’s Retirement Board.

Due to generations of underfunding the City’s Pension obligations, the City’s Pension schedule requires an $17..4 million or 7.9% increase in FY19.

Boston Retirement System

The City of Boston participates in a contributory defined benefit retirement system that is administered by the Boston Retirement System (BRS). BRS is one of 106 public pension systems governed by Massachusetts General Law Chapter 32. Boston’s current pension schedule is based on an actuarial asset valuation as of January 1, 2016. The current pension schedule assumes a long term rate of return of 7.75%.

The City’s pension liability is currently 74.96% funded and is on track to reduce the unfunded liability to zero by 2025, fifteen years prior to the legally required funding date of 2040.


FY16 Actual FY17 Actual FY18 Budget FY19 Budget
Total 196,548,695 199,279,888 221,301,615 238,710,065