Norwell on Track to Fully Fund Pensions by 2031

Norwell, MA — Norwell remains on track to fully fund its pension obligations by 2031, according to an update from Plymouth County Treasurer Tom O’Brien at the Select Board’s February 26 meeting. Once the funding is complete, the town’s annual pension contributions will drop significantly, providing budget relief for future municipal planning.

“When we get to 2031, your contribution amount gets reduced to your normal cost,” Tom O’Brien, Plymouth County Treasurer, said. “So once we are fully funded, your $4 million—$4.7 million if you're doing the semi-annual payments—gets reduced to $1.5 million approximately.”

O’Brien explained that Massachusetts originally required full pension funding by 2028, but financial downturns and updated mortality tables led to schedule extensions.

“We really feel like we can get to the end of the line here,” O’Brien added, emphasizing that extending the timeline further would not be fiscally prudent.

To keep costs stable, town officials have considered prepaying portions of the obligation.

“We did discuss it. We've never bonded any of the projects before,” Darlene Sullivan, Town Administrator, said, noting that Norwell has been proactive in managing its financial obligations.

The town’s pension funding status will be re-evaluated in the next valuation report, expected in 2026.

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