MA S1550

Bill

To define surplus for retirement systems

Introduced
01/22/2019

In Committee
01/22/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

For legislation to define surplus for retirement systems. Public Service.

AI Summary

This bill aims to define "surplus" for retirement systems in Massachusetts. It proposes amending the state's General Laws to include a definition of "surplus" that encompasses any monies in the various funds of a retirement system, including the annuity savings fund, pension fund, pension reserve fund, expense fund, and special fund for military service. The bill states that these surplus monies, which come from member contributions, government appropriations, and investment earnings, shall be held in contractual trust for the exclusive benefit of the members of each retirement system, with any amounts in surplus over the requirements to fully fund each system also being held in trust for the benefit of the system's members.

Committee Categories

Labor and Employment

Sponsors (1)

John Keenan (D),

Last Action

Accompanied a study order, see S2545 (on 02/18/2020)

Official Document

https://malegislature.gov/Bills/191/S1550

(17 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/S1550
Bill	https://malegislature.gov/Bills/191/S1550.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
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
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
S2545	Order relative to authorizing the joint committee on Public Service to make an investigation and study of certain current Senate documents relative to public service issues	Reported (in part) by S1477	Replaced by

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