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
For legislation relative to underperforming pension systems. Public Service.
AI Summary
This bill proposes changes to the pension funding system in Massachusetts. The key provisions are: 1) Any public pension system with a funded ratio 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) over the same period will be declared "underperforming" by the commission overseeing the system. 2) The designation of a pension system as "underperforming" may not be revoked for 5 years, rather than being in perpetuity as under the current law. These changes aim to address issues with underperforming public pension systems in the state.
Committee Categories
Labor and Employment
Sponsors (3)
Last Action
Accompanied a study order, see S2679 (on 02/10/2022)
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/S1674 |
| Bill | https://malegislature.gov/Bills/192/S1674.pdf |
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