Bill > S1491

This bill amends Section 22 of Chapter 32 of Massachusetts law to define "underperforming" public pension systems. Specifically, it states that any 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 rate of return of the Pension Reserves Investment Trust (PRIT) Fund over the same period shall be declared "underperforming" by the commission overseeing the system. Additionally, the bill changes the provision that such a declaration of underperformance "shall be in perpetuity" to instead state that it "may not be revoked for five years."

Labor and Employment

https://malegislature.gov/Bills/191/S1491