MA H2214

Bill

Relative to public retiree COLA financing

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to public retiree cost-of-living adjustment financing. Public Service.

AI Summary

This bill aims to establish a "Cost of Living Reserve Fund" within the Massachusetts public employee retirement system. The bill defines "excess investment income" as investment earnings that exceed the system's actuarial assumption, and it requires that a proportional amount of this excess income be transferred to the new reserve fund. The purpose of the reserve fund is to provide a dedicated source of funding for future cost-of-living adjustments (COLAs) for public retirees. The bill seeks to better manage and finance these COLA liabilities for the public pension system.

Committee Categories

Labor and Employment

Sponsors (25)

Michael Brady (D), Dan Cahill (D), Tackey Chan (D), Daniel Cullinane (D), Mark Cusack (D), Marjorie Decker (D), William Driscoll (D), Paul Feeney (D), Mike Finn (D), Sean Garballey (D), Colleen Garry (D), Carlos González (D), Stephen Hay (D), Natalie Higgins (D), Jack Lewis (D), Paul Mark (D), Joe McGonagle (D), Frank Moran (D), Matt Muratore (R), Harold Naughton (D), Patrick O'Connor (R), Mike Soter (R), Tom Stanley (D), Steve Ultrino (D), Bud Williams (D),

Last Action

Accompanied a study order, see H4722 (on 05/20/2020)

Official Document

https://malegislature.gov/Bills/191/H2214

(10 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/H2214
Bill	https://malegislature.gov/Bills/191/H2214.pdf

Bill	Bill Name	Last Action	Type
H2158	Relative to cost of living adjustments for retired public employees of the Commonwealth	Accompanied a study order, see H4722	Similar To
H2203	Increasing the minimum pension for public retirees	Accompanied a study order, see H4722	Similar To
H2232	To provide fair and affordable public retiree benefits	Accompanied a study order, see H4722	Similar To
H2321	Relative to future public retiree healthcare benefits	Reporting date extended to Thursday December 31, 2020, pending concurrence	Similar To
H4722	Retirement, benefits and other public service issues	Reported, in part, by H2169	Replaced by
H67	Annual report of the Public Employee Retirement Administration Commission (under sections 21, 102 and 103 of Chapter 32 of the General Laws) relative to the percentum change in the average cost-of-living as shown by the United States consumer price index for the year 2018 compared with such index for the year 2017.	Hearing scheduled for 10/21/2019 from 01:00 PM-04:00 PM in A-1	Similar To
S1487	Relative to the cost of living adjustment for state and teacher retirees	Accompanied a new draft, see S2798	Similar To
S1536	Relative to the annual allowance for certain survivors of public retirees and employees	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1543	Resolve establishing a study on alternative retirement benefits of public employees	Accompanied a study order, see S2545	Similar To
S1578	Relative to post-retirement earnings of public retirees	Accompanied a study order, see S2545	Similar To

Bill > H2214

MA H2214

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (25)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary