Bill > H2583

This bill makes several changes to the Massachusetts State Employees Retirement System. It establishes a new method for calculating "regular interest" on retirement accounts, requiring the retirement commission to set the rate based on the Consumer Price Index for New England, with a cap of 2%. It also requires non-commonwealth governmental units, such as school districts and educational collaboratives, to pay the normal cost of benefits earned by their employees in the state retirement system. The bill allows the retirement board to impose a 10% penalty on delinquent payments from participating employers. Additionally, the bill transfers the Massachusetts Turnpike Authority Employees' Retirement System into the state retirement system, dissolving the authority's retirement board and making the commonwealth responsible for payments to its members. The bill also includes provisions related to outstanding reimbursements owed to the state retirement board.

Labor and Employment

https://malegislature.gov/Bills/193/H2583