MA H2689

Bill

Defining regular interest for retirement systems

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)

Dan Hunt (D)*,

Last Action

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

Official Document

https://malegislature.gov/Bills/192/H2689

(10 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/192/H2689
Bill	https://malegislature.gov/Bills/192/H2689.pdf

Bill	Bill Name	Last Action	Type
H2579	Relative to the definition of Group 4 of the retirement system	Accompanied a study order, see H4960	Similar To
H2580	Relative to employee retirement	Accompanied a study order, see H4960	Similar To
H2727	To study the modernization of retirement systems for future state employees	Accompanied a study order, see H4960	Similar To
H2796	Relative to Mass Port police officers	Accompanied a study order, see H4960	Similar To
H4960	Public service matters	No further action taken	Replaced by
S1693	Relative to retirement classification	Accompanied a study order, see S2679	Similar To
S1721	Relative to the teachers retirement system	Accompanied H19	Similar To
S1736	Relative to surplus in retirement systems	Accompanied a study order, see S2679	Similar To
S1778	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
S2539	Authorizing the county of Plymouth to issue pension obligation bonds or notes	Bill reported favorably by committee and referred to the committee on Senate Rules	Similar To

Bill > H2689

MA H2689

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (1)

Last Action

Official Document

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bill summary

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