Bill > H3857

This bill establishes the State Universities Retirement Incentive Program, which provides retirement incentives for eligible employees of public universities in Massachusetts. The key provisions are: - Allows state universities to offer one-time incentive payments or implement the retirement incentive program to achieve cost savings. - Outlines the eligibility criteria for the retirement incentive program, including minimum years of service, retirement group classification, and notification requirements. - Provides eligible employees the option to receive additional years of creditable service or age, up to a maximum of 6 credits, by making payments to the state retirement board. - Requires the state retirement board to provide retirement counseling to eligible employees and the Group Insurance Commission to provide health care benefits counseling. - Allows retired employees to teach part-time or accept other part-time state employment, subject to certain limitations. - Requires state universities to report on the program's implementation, including the number of participants, their positions, and the estimated cost savings. - Directs the Public Employee Retirement Administration Commission to analyze the costs and actuarial liabilities of the additional benefits.

Labor and Employment

https://malegislature.gov/Bills/193/H3857