MA H2341

Bill

Regarding pension ratio of the funding system

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 the investment performance and funded ratio of certain retirement systems. Public Service.

AI Summary

This bill amends Section 22 of Chapter 32 of the Massachusetts General Laws. It establishes that any retirement system with a funded ratio (the ratio of assets to liabilities) of less than 50% and an annual rate of return during the previous 10 years that is at least 3 percentage points lower than the Pension Reserves Investment Trust (PRIT) Fund's rate of return over the same period shall be declared underperforming by the commission. Additionally, the bill changes the duration of the declaration of underperformance from "in perpetuity" to "may not be revoked for five years."

Committee Categories

Labor and Employment

Sponsors (2)

Brendan Crighton (D), Jim O'Day (D),

Last Action

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

Official Document

https://malegislature.gov/Bills/191/H2341

(11 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/H2341
Bill	https://malegislature.gov/Bills/191/H2341.pdf

Bill	Bill Name	Last Action	Type
H18	Establishing a special commission on retirement credit purchases	Accompanied a study order, see H4722	Similar To
H2181	Relative to the definition of Group 4 of the retirement system	Accompanied a study order, see H4722	Similar To
H2186	Relative to the definition of group two of the public employee retirement system	Accompanied a study order, see H4722	Similar To
H2324	To study the modernization of retirement systems for future state employees	Accompanied a study order, see H4722	Similar To
H2351	Relative to teachers' retirement credits for parochial schools	Accompanied a study order, see H4722	Similar To
H2373	Relative to chapter 15A	Read; and referred to the committee on House Ways and Means	Similar To
H2387	Relative to the retirement of University of Massachusetts police	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H4722	Retirement, benefits and other public service issues	Reported, in part, by H2169	Replaced by
S1471	Relative to part-time higher education faculty eligibility in the state retirement system	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To
S1558	Providing for an equitable Massachusetts Teachers’ Retirement System pension for Paul C. Nordberg	Accompanied a study order, see S2545	Similar To
S2451	Relative to creditable service for Lisa Emma, a member of the Massachusetts Teachers' Retirement System	Bill reported favorably by committee and referred to the committee on Senate Ways and Means	Similar To

Bill

Bill Name

Last Action

Type

H18

Establishing a special commission on retirement credit purchases