summary
Introduced
03/29/2021
03/29/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
Passed
Dead
12/31/2022
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)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://malegislature.gov/Bills/192/H2689 |
Bill | https://malegislature.gov/Bills/192/H2689.pdf |
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