Bill > S1837

This bill addresses the retirement system for the Blackstone Valley Regional Vocational Technical High School by establishing new requirements for pension contributions and management. Specifically, the bill requires the school to remit the employer's normal cost of retirement benefits to the state board of retirement, with the cost to be calculated by an actuary as a percentage of payroll, taking into account factors like employee demographics and job classifications. The bill also introduces a penalty provision that allows the state retirement board to charge an additional 10% fee for late contributions if the school fails to remit payments by the first day of the second month following the work month. Additionally, the bill provides financial relief by waiving reimbursement requirements for retirement board contributions from calendar years 2013-2015, while requiring reimbursements for 2016-2018 under terms to be determined by the board. The new provisions related to contribution requirements and penalties will take effect on July 1, 2025, providing the school and retirement board time to prepare for the changes.

Labor and Employment

https://malegislature.gov/Bills/194/S1837