Bill > H2618

This bill authorizes employees of the South Shore Charter School to join the State Employees Retirement System. The key provisions are: 1. The South Shore Charter School can vote to allow its eligible employees who are not part of the Teachers' Retirement System to become members of the State Employees Retirement System, effective January 1, 2017. 2. The State Employees Retirement System will grant creditable service to these new members for any prior service they had at the South Shore Charter School, provided they pay an amount equal to the contributions they would have made if they had been members, plus interest. 3. The State Employees Retirement System must seek a determination from the Internal Revenue Service to ensure this change does not impact the compliance of the retirement system with the Internal Revenue Code. 4. The provisions allowing the purchase of prior service time will only take effect if the IRS provides a favorable determination, and members will have 120 days to purchase the service in a lump sum or through an installment plan after receiving notification of their eligibility.

Labor and Employment

https://malegislature.gov/Bills/192/H2618