summary
Introduced
01/20/2015
01/20/2015
In Committee
01/20/2015
01/20/2015
Crossed Over
Passed
Dead
07/31/2016
07/31/2016
Introduced Session
189th General Court
Bill Summary
Relative to the definition of regular interest for retirement systems. Public Service.
AI Summary
This bill amends Massachusetts General Laws Chapter 32, Section 22, specifically paragraph (b) of sub-section (6), to redefine "regular interest" for retirement systems for any calendar year beginning after December 31, 2004. The new definition states that regular interest will be credited at a rate equal to one-half of the actuarial assumed rate of investment return for the members' system, rounded to the nearest tenth of one percent. This change impacts how interest is calculated and applied to retirement accounts for public employees in Massachusetts.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Accompanied a study order, see H4367 (on 06/09/2016)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/189/House/H2338 |
| State Bill Page | https://malegislature.gov/Bills/189/H2338 |
| Bill | https://malegislature.gov/Bills/189/H2338.pdf |
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