Bill > H2603

This bill further regulates the retirement benefits of certain public safety employees in Massachusetts. It introduces a new section, Section 26A, which allows public safety officers such as probation officers, trial court officers, police officers, corrections officers, firefighters, and environmental police officers to retire at age 65 or earlier if they have at least 20 years of service. Upon retirement, these public safety officers will receive a retirement allowance of 60% of their highest average annual regular compensation, with an additional 3% per year of service above 20 years, up to a maximum of 75%. The bill also requires the actuary to analyze the contributions and normal costs associated with these new retirement benefits every 5 years. Additionally, current public safety officers can elect to participate in the new Section 26A benefits within 270 days of the bill's effective date, and their additional contributions will be set at 12% of regular compensation.

Labor and Employment

https://malegislature.gov/Bills/193/H2603