Lynnfield, MA — Candidate for State Representative Joe Markey (D – Lynnfield) called on legislators to reject Governor Maura Healey’s proposal to tap $50 to $100 million from the state’s pension system to fund economic development grants across the Commonwealth.
“Governor Healey’s proposal is a shortsighted effort that puts the hard-earned benefits of working people in the pockets of big business,” said Markey. “Tapping into the state’s pension fund to provide corporate handouts does nothing to help working families or address the state’s cost-of-living crisis. If Massachusetts is serious about improving its competitiveness and making life easier for residents, we should invest in programs that have real, immediate benefits for everyone, not just a select few corporations.”
The initiative, which is included in the proposed Mass Wins Act, would instruct the Pension Reserves Investment Management (PRIM) fund to commit between $50 and $100 million for economic development grants for companies located in or maintaining a significant operating presence in Massachusetts.
Critics say that the effort would alter longstanding guidelines on how the PRIM board manages and invests state pension funds, which already contribute to economic development initiatives. Opponents also continue to share concerns that the legislation provides no specific mechanism for the money to be returned to the pension fund at a later date.
Healey’s office disputes this characterization, stating that the proposed legislation “does not transfer the pension funds to economic development grantmaking purposes.” Despite the Healey Administration’s objections, the effort has garnered widespread opposition from organized labor, including the Service Employees International Union (SEIU) and the National Association of Government Employees (NAGE), as well as fiscal watchdog groups such as the Massachusetts Fiscal Alliance and the Pioneer Institute for Public Policy Research.
“At a time when Massachusetts families are struggling to pay for gas, housing, groceries, and just about everything else, state government should pursue policies that meet the needs of working families, not the wealthiest among us,” Markey concluded.
Joe Markey will vie for the 20th Middlesex District’s State Representative seat this fall, as he looks to replace outgoing representative and longtime House Minority Leader Brad Jones (R – North Reading).
