summary
Introduced
02/16/2023
02/16/2023
In Committee
02/16/2023
02/16/2023
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
193rd General Court
Bill Summary
Relative to the definition of regular interest for retirement systems. Public Service.
AI Summary
This bill amends the definition of "regular interest" for retirement systems in Massachusetts. It specifies that for any calendar year beginning after December 31, 2004, regular interest for members of any retirement system shall be credited at a rate of one-half the actuarial assumed rate of investment return for that system's members, rounded to the nearest tenth of one percent. This change in the interest rate calculation aims to provide a more accurate and appropriate definition of regular interest for retirement system members.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Accompanied a study order, see H4518 (on 04/04/2024)
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/193/H2562 |
| BillText | https://malegislature.gov/Bills/193/H2562.pdf |
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