Bill > H2770

This bill addresses a specific retirement service credit issue for Diane Galanti, a member of the Massachusetts Teachers' Retirement System (MTRS). The legislation would allow Galanti to receive creditable service for the period from December 12, 1988, to June 30, 1999, which will be used in calculating her superannuation retirement allowance. To receive this additional service credit, Galanti must pay back the amount that would have been withheld as regular retirement deductions during that time period, plus interest (referred to as "buyback interest"). The bill overrides any existing laws, rules, or regulations that might otherwise prevent this service credit adjustment, and allows Galanti to pay the required amount in either a single lump sum or in installments, with the specific payment terms to be determined by the retirement system's board. This type of legislative action is relatively common and allows individual public employees to purchase or "buy back" past service credit that may not have been originally deducted or recorded.

Labor and Employment

https://malegislature.gov/Bills/194/H2770