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Bill > H2689


MA H2689

Defining regular interest for retirement systems


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

Relative to the definition of regular interest for retirement systems. Public Service.

AI Summary

This bill amends the definition of "regular interest" for retirement systems in Massachusetts. Specifically, it states that for any calendar year beginning after December 31, 2004, regular interest for members of any retirement system shall mean interest credited at a rate of one-half the actuarial assumed rate of investment return for the members' system, rounded to the nearest tenth of one percent. This change to the definition of regular interest affects how interest is calculated and credited to the retirement accounts of members in Massachusetts public retirement systems.

Committee Categories

Labor and Employment

Sponsors (1)

Last Action

Accompanied a study order, see H4960 (on 07/05/2022)

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