Bill > S1702

This bill provides a new one-time opportunity for certain members of the teachers' retirement system or the Boston retirement system to elect to participate in the alternative superannuation retirement benefit program. Specifically, the bill applies to members who became eligible for membership before July 1, 2001, began contributing to their retirement system on or before that date, and did not previously elect to participate in the alternative program. These eligible members can make the election during the period from July 1, 2023, to December 31, 2023, or prior to retirement if they apply for retirement before that period. Members who elect to participate in the alternative program will contribute at a rate of 11% and may be required to make up additional contributions going back to when they initially joined their retirement system.

Labor and Employment

https://malegislature.gov/Bills/193/S1702