Bill > H27

This bill establishes a special commission to comprehensively evaluate retirement credit purchases in Massachusetts, focusing on service purchases allowed under Chapter 32 of state law. The commission will be composed of 16 members, including representatives from various state retirement boards, legislative committees, government agencies, unions, and professional associations. Its primary objectives include reviewing actuarial liabilities associated with service purchases, recommending appropriate cost-sharing between employees and employers, exploring potential expansions of service purchase types to improve public employee recruitment and retention, and making recommendations to enhance the long-term sustainability of Massachusetts contributory retirement systems. The commission is required to conduct a thorough study and submit its recommendations, including proposed legislative amendments, to the Senate and House of Representatives clerks by May 1, 2026. Key members will include representatives from the public employee retirement administration, state and teachers' retirement boards, legislative public service committee, municipal associations, state unions, and an actuary appointed by the Governor, ensuring a diverse and comprehensive approach to examining retirement credit purchases.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/H27