Bill > H43

This bill addresses changes to the retirement system for Massachusetts Turnpike Authority employees following the dissolution of the authority. Specifically, the bill mandates that upon the dissolution of the Massachusetts Turnpike Authority, the Massachusetts Turnpike Authority Employees' Retirement System will be dissolved, and all its members will be transferred to the Massachusetts State Employees' Retirement System. The state board of retirement will take over management of these benefits, including handling liabilities and reimbursements. All retirement system assets will be transferred to the Pension Reserves Investment Management Board and become part of the state employees' retirement system. The Massachusetts Turnpike Authority retirement board will be abolished, though its members are authorized to complete necessary transfer actions. Additionally, the bill stipulates that the payment of all existing annuities, pensions, and other retirement benefits previously managed by the Turnpike Authority retirement system will become obligations of the Commonwealth of Massachusetts. The bill sets specific effective dates: Section 1 takes effect on January 1, 2010, and Section 2 takes effect on July 1, 2009.

Budget and Finance, Transportation and Infrastructure

https://malegislature.gov/Bills/194/H43