Bill > S1864

This bill provides a specific opportunity for former employees of the Massachusetts Development Finance Agency (MDFA) to retroactively gain creditable retirement service. Under the bill, any former MDFA employee who has already established membership in a retirement system under Massachusetts law may be credited with up to 5 years of previous MDFA employment by paying back the retirement contributions they would have made during that time, plus interest. The employee can choose to pay this amount in a single payment or in installments, as determined by their retirement board. Notably, the bill includes a self-repealing mechanism, with Section 2 repealing Section 1 two years after the bill's enactment, which suggests this is intended as a time-limited opportunity for these specific former MDFA employees to purchase additional creditable retirement service. The bill appears designed to provide these workers with a pathway to recognize their prior public service work for retirement calculation purposes.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/S1864