Bill > H2787

This bill provides targeted retirement allowance increases for certain public employees who retired before July 1, 2004 under specific retirement options (Option B and Option C) in the state's retirement systems. Under Option C, retirees from the state employees' retirement system will receive a $200 monthly increase, while state teachers' retirement system retirees will receive a $290 monthly increase. For other retirement systems, the increase will be determined by the system's retirement board, not to exceed $200. Similarly, for Option B, state employees will receive a $66 monthly increase, state teachers will receive a $97 monthly increase, and other retirement systems can determine a fair increase up to $200. The bill allows individual retirement systems to accept these provisions through a majority vote of their board and approval by their respective legislative body, with state employees' and teachers' retirement systems automatically deemed to have accepted the provisions. Importantly, the increases will be prospective only and do not provide any retroactive benefits. The bill aims to provide modest financial support to long-retired public service workers across various state and local retirement systems.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/H2787