Bill > S9

This bill proposes amendments to the declaration of trust for the State Retiree Benefits Trust Fund (SRBT Fund), which is managed by the State Retiree Benefits Trust Board of Trustees (SRBT Fund Board). The SRBT Fund is used to manage and invest funds for the health care and other non-pension benefits of state retirees and participating political subdivisions, municipalities, and agencies. Key provisions include clarifying the board's authority to employ the Pension Reserves Investment Management Board (PRIM Board) to invest SRBT Fund assets in the Pension Reserves Investment Trust Fund (PRIT Fund), outlining the process for participants to join the SRBT Fund, and establishing procedures for the valuation of fund assets and the distribution of statements and accounts to participants. The bill also details the powers and duties of the Trustees, including their ability to manage and control the fund's assets, employ staff, and enter into various financial transactions. Amendments to the declaration of trust require approval by at least five of the seven Trustees and must be filed with the General Court, becoming effective if no action is taken within 60 days.