Bill > H61

This bill establishes an employee retirement incentive program for executive department employees in Massachusetts, allowing eligible individuals to receive enhanced retirement benefits by adding up to five years to their creditable service or age, or a combination thereof, for calculating their retirement allowance, provided the total allowance does not exceed 80% of their regular compensation. To be eligible, employees must be actively participating in the state retirement system, classified in Group 1, and eligible for a superannuation retirement allowance on the bill's effective date, with applications to be filed between April 6, 2015, and May 29, 2015, for retirements by June 30, 2015. Employees funded by federal grants, trusts, or capital appropriations are generally excluded, though those paid from the Massachusetts Transportation Trust Fund are eligible if they meet other requirements, and elected officials are not eligible. The bill also outlines specific procedures for spousal consent for retirement option elections, mandates retirement counseling for participants, allows for advance payments of retirement allowances if processing is delayed, and requires that payments for accrued vacation time, unused sick leave, or other benefits be spread out over several years, with specific limitations on refilling vacated positions to manage costs. Finally, various state officials are tasked with reporting on the program's costs, liabilities, and savings.