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 investment performance and funded ratio of certain retirement systems. Public Service.
AI Summary
This bill amends Section 22 of Chapter 32 of the Massachusetts General Laws to change the criteria for determining when a retirement system is considered "underperforming." 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 less than the PRIT Fund (the state's pension investment fund) rate of return over the same period shall be declared underperforming by the commission. The bill also changes the period during which a declaration of underperformance may not be revoked, from "in perpetuity" to "for five years."
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 |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H2742 |
| Bill | https://malegislature.gov/Bills/192/H2742.pdf |
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