Treasurer Frank Caprio's plan for pension reform - moving public employees into hybrid defined benefit-401(k) plans - has met with some healthy skepticism on Smith Hill, given that it is not accompanied by an actuarial study that lays out all the numbers.
But Smith Hill sources say Speaker of the House Gordon Fox and House Finance Committee chairman Steven Costantino, who have met with Caprio, are intrigued by his plan.
Don't expect to see Caprio's full plan included in the mid-year budget revision now under debate. But elements of his plan could show up, in the coming weeks, in the 2010-2011 budget. And if Caprio, running for governor, can claim passage of pension reform, it will bolster his argument for fiscal steward in a state in the midst of economic crisis.