Bill > H2764

This bill allows Deina Abdelkader, an employee of the University of Massachusetts, to become a member of the state employee retirement system. The key provisions are: 1. Deina Abdelkader can elect to become a member of the state employee retirement system within 30 days of the effective date of this act, discontinuing her participation in the optional retirement program. 2. Deina Abdelkader can purchase creditable service for the time she has worked at the University of Massachusetts since August 31, 2008, as well as any previous membership in the state employee retirement system, by making a lump-sum or installment payment equal to the contributions she and the Commonwealth would have made had she been a member. 3. Deina Abdelkader must instruct the Department of Higher Education to transfer her employee and employer assets from the optional retirement program to the state employee retirement system, and establish a transfer payout annuity with TIAA to liquidate any remaining assets. 4. Deina Abdelkader must also pay into the state employee retirement system's annuity savings fund an amount equal to the accumulated regular deductions that would have been made if she had been a member since August 31, 2008. This bill provides a pathway for Deina Abdelkader to transition from the optional retirement program to the state employee retirement system, allowing her to receive credit for her prior service and consolidate her retirement assets.

Labor and Employment

https://malegislature.gov/Bills/192/H2764