Bill > S1814

This bill modifies Section 13 of Chapter 32 of the General Laws to address situations where a retirement board cannot calculate a full monthly retirement payment by its scheduled date. Specifically, the bill requires that if circumstances beyond the retirement board's control prevent timely calculation of the full payment, the board must pay 90% of its estimated full monthly payment until those circumstances are resolved. Additionally, the bill mandates that the retirement board provide an annual notification to the Massachusetts House and Senate detailing any circumstances that prevented the timely calculation of the full monthly retirement payment. This provision aims to ensure that retirees receive a substantial portion of their expected retirement income even when administrative challenges arise, while also creating transparency by requiring the retirement board to report on the reasons for any payment delays.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/S1814