Mass. House Approves Public Pension Overhaul Bill

The Massachusetts House has approved a pension overhaul bill that supporters say could save the state more than $6 billion.

The bill sets a minimum retirement age of 57 and changes the formula for how public pension benefits are determined.

House Speaker Robert DeLeo said the bill would be the second major overhaul of the pension system in the past three years and would help put the state on a stable economic footing.

The Winthrop Democrat says the bill will also help preserve the state's credit rating.

In September the ratings agency Standard & Poor's upgraded the state's credit rating to AA+ from AA.

The Senate approved their version of the pension overhaul in September.

Both bills must be consolidated into a single legislation before heading to Gov. Deval Patrick.