Bill > S1644

This bill amends the definition of "Beneficiary" in the Massachusetts General Laws, Chapter 32 to include various groups who are owed a pension obligation, such as newly hired state employees, current retirees, and Massachusetts taxpayers who guarantee pension obligations. The bill also renames the "Commonwealth's Pension Liability Fund" to the "Commonwealth Pension Promise Fund" and adds new definitions related to fiduciary duties, sustainable investment, and the purpose of public pensions as a public good. The bill seeks to establish explicit fiduciary duties for pension fund managers, including the Duty of Care, Duty of Loyalty, Duty of Impartiality, and other duties related to negotiating investments, protecting the environment and social good, and delivering on the pension promise. The bill also provides a legal standing for pension beneficiaries, members, and citizens to challenge the fulfillment of fiduciary duties.

Labor and Employment

https://malegislature.gov/Bills/193/S1644