Bill > S1627

This bill amends the existing law regarding the public employee retirement system (PERS) in Massachusetts. The key provisions are as follows: 1. Any PERS found by the commission to have 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 trust) rate of return over the same period shall be declared "underperforming" by the commission. 2. The bill also amends the final sentence of the existing law, changing the requirement that a PERS declared underperforming "shall be in perpetuity" (meaning it will remain so indefinitely) to instead state that the underperforming designation "may not be revoked for five years." This gives the commission more flexibility in how long a PERS remains under the underperforming designation.

Labor and Employment

https://malegislature.gov/Bills/193/S1627