At least one Western Massachusetts official is rejecting a proposal from Governor Deval Patrick’s administration that would have the assets of lower-performing pension systems placed under state control. The proposal compares local pension systems with the state system for the years 2001 to 2005. Any system that under-performed the state pension plan by two and a quarter percent, and is less than 80 percent funded, would be managed by the state pension system. Greenfield’s pension system would be placed under state control, but Mayor Christine Forgey says the town’s investments posted a return of more than 13 percent last year, and have a return rate of more than 9 percent over the last twenty years:
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Under the Patrick administration proposal, pension systems in Springfield, Pittsfield, Westfield, Northampton and Chicopee would also be managed by the state.