Gov. Deval Patrick and other Massachusetts officials on Friday announced plans to file legislation that would overhaul health insurance benefits for retirees to save up to $20 billion for the commonwealth and its municipalities over 30 years.

State Treasurer Steven Grossman said the move regarding other post-employment benefits, or OPEB, which comes right before Massachusetts’ scheduled $230 million note sale on Wednesday, sends a strong message to the capital markets.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.