Bill > H2892

This bill proposes several modifications to the Massachusetts State Employees Retirement System that impact employee classification, retirement benefits, and administrative procedures. Specifically, the bill expands the definition of employees eligible for certain retirement classifications to include those providing services to individuals with various disabilities and mental health conditions. It allows retirement board members to classify prior service in different employment groups, and provides more flexible retirement benefit calculations for employees who have worked in multiple job groups. For state police officers, the bill creates new options for calculating retirement allowances based on years of service across different groups, with a cap of 75% of regular compensation. The bill also introduces a new method for calculating "regular interest" by tying it to the Consumer Price Index for New England, with an interest rate not exceeding 2%. Additionally, the bill includes a provision requiring the state retirement board to be reimbursed for certain withheld amounts from pension or retirement allowances issued during the month of a retiree's death. These changes aim to provide more equitable and adaptable retirement benefits for state employees.

Labor and Employment

https://malegislature.gov/Bills/194/H2892