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MA H5389
MA H5389Relative to allowing members of retirement systems to buyback post-70 years if they did not previously elect to continue contributions past age 70
summary
Introduced
11/17/2022
11/17/2022
In Committee
11/17/2022
11/17/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
192nd General Court
Bill Summary
Section 253 contained in the engrossed Bill relating to economic growth and relief for the Commonwealth (see House, No. 5374), which had been returned by His Excellency the Governor with recommendation of amendment (for message, see Attachment D of House, No. 5390). November 17, 2022.
AI Summary
This bill allows members of retirement systems who previously elected not to continue contributions past age 70 to buy back those post-70 years of service, provided they have maintained continuous service since making that election and are still actively employed as of the effective date of the bill. The member must pay into the annuity savings fund an amount equal to the percentage of their regular annual compensation when they first entered the retirement system for each year of creditable service sought. The state retirement board is also required to assess whether they need to obtain a ruling from the Internal Revenue Service to ensure this change does not impact the compliance of the optional retirement plan or state employees' retirement system with the Internal Revenue Code.
Sponsors (0)
No sponsors listed
Last Action
No further action taken (on 01/03/2023)
Official Document
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/192/H5389 |
| Bill | https://malegislature.gov/Bills/192/H5389.pdf |
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