Bill > H2426

This bill amends existing Massachusetts General Laws to allow certain individuals to receive retirement credit for service in non-public schools. It defines "nonpublic school" as an institution not run by the government that primarily educates students for a diploma or a college degree. The bill then establishes a new provision for teachers and certain other employees in public higher education who previously worked in a non-public school after January 1, 1973. These individuals can now receive "creditable service," meaning their non-public school teaching experience will count towards their retirement benefits as if it were public school service. To receive this credit, they must make "makeup payments" equal to 10% of their most recent annual salary for each year of service, plus interest, and must have completed at least 10 years of membership service in a retirement system. There are limits on how much credit can be purchased, with a maximum of 4 years, and no credit will be given if the individual already receives retirement benefits from another non-public school system or has already received credit for three or more years of non-public school service under other provisions. Eligible members will be notified by their retirement board and given options to pay for the service either in a lump sum or through an installment plan.