MA S1476

Bill

MA S1476

Relative to OBRA retirement accounts

Introduced
01/22/2019

In Committee
04/09/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation relative to OBRA retirement accounts. Public Service.

AI Summary

This bill aims to regulate OBRA (Omnibus Budget Reconciliation Act of 1990) retirement accounts, which are an alternative to Social Security for public employees. The key provision of the bill is that it prohibits OBRA retirement accounts from charging a service fee that exceeds the amount of interest accrued in the account for the duration of the period covered by the service fee. This is intended to protect public employees who are required to participate in these OBRA retirement accounts from incurring excessive fees.

Committee Categories

Budget and Finance, Labor and Employment

Sponsors (1)

Will Brownsberger (D),

Last Action

Bill reported favorably by committee and referred to the committee on Senate Ways and Means (on 04/09/2020)

Official Document

https://malegislature.gov/Bills/191/S1476

(16 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S1476
Bill	https://malegislature.gov/Bills/191/S1476.pdf

Bill	Bill Name	Last Action	Type
H2183	Relative to attorneys at the Department of Children and Families	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H2196	Relative to certain option B and option C retirees	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H2197	Relative to ordinary disability retirements	Accompanied a study order, see H4722	Similar To
H2268	Relative to retirement benefits for Thomas Brian Donnelly	Accompanied a study order, see H4722	Similar To
H2316	Relative to the retirement rights of criminal prosecutors	Accompanied a study order, see H4722	Similar To
H2348	Relative to the retirement benefits of certain persons	Accompanied a study order, see H4722	Similar To
H2371	Relative to National Guard benefits	Accompanied a study order, see H4722	Similar To
H2386	Relative to veterans retirement and pensions	Accompanied a study order, see H4722	Similar To
H3153	Relative to the Massachusetts Bay Transportation Authority	Bill reported favorably by committee and referred to the committee on House Ways and Means	Similar To
H4158	Relative to the disability retirement of Ryan Moore and Donald Demiranda, police officers in the town of Falmouth	Amended by substitution of a bill with the same title, H4666	Similar To
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
S1543	Resolve establishing a study on alternative retirement benefits of public employees	Accompanied a study order, see S2545	Similar To
S1582	Relative to non-public school service	Accompanied a study order, see S2545	Similar To
S1593	Relative to the retirement options of certain educational personnel	Accompanied a study order, see S2545	Similar To
S2257	Authorizing employees of the city of Fall River the ability to apply with the Fall River Retirement Board to purchase credible service for military service	Signed by the Governor, Chapter 173 of the Acts of 2020	Similar To
S2337	To extend veterans retirement buyback opportunities	Accompanied a study order, see S2545	Similar To

Bill

Bill Name

Last Action

Type

H2183

Relative to attorneys at the Department of Children and Families

Bill reported favorably by committee and referred to the committee on House Ways and Means

Similar To

H2196

Relative to certain option B and option C retirees

Bill reported favorably by committee and referred to the committee on House Ways and Means

Similar To

H2197

Relative to ordinary disability retirements