Bill > H2893

This bill addresses changes to the retirement system for employees of the Massachusetts Turnpike Authority (MTA) and the Massachusetts Department of Transportation. Specifically, the bill mandates that employees of the Massachusetts Department of Transportation hired after the effective date will become members of the Massachusetts State Employees' Retirement System, with the state system responsible for their retirement liabilities. Upon the dissolution of the Massachusetts Turnpike Authority, the MTA Employees' Retirement System will be completely dissolved, and its members will be transferred to the state employees' retirement system. All assets of the dissolved MTA retirement system will be transferred to the Pension Reserves Investment Management Board and become assets of the Massachusetts State Employees' Retirement System. The state board of retirement will assume management of benefits for these transferred employees, and the MTA retirement board will be abolished. Additionally, the bill stipulates that the payment of all existing annuities, pensions, and other retirement benefits will become obligations of the Commonwealth. The bill includes specific effective dates: Section 1 takes effect on January 1, 2010, and Section 2 takes effect on July 1, 2009.

Budget and Finance, Labor and Employment

https://malegislature.gov/Bills/194/H2893