MAKE THEIR PENSIONS 401ks AND YOU'RE THERE:

Patrick proposal would reshape public pensions (Michael Levenson, January 19, 2011, Boston Globe)

Nearly all future state and municipal employees would work five years longer, contribute more to their pensions, and have their benefits slashed if they retire early under a bill Governor Deval Patrick and legislative leaders unveiled yesterday.

Eighteen months after state leaders eliminated loopholes in the pension system, the new proposal would go beyond merely curbing abuses. It would, Patrick said, fundamentally change retirement benefits for thousands of future teachers, police officers, firefighters, and other public workers, in an attempt to save $5 billion over the next 30 years.