Bill > H2313

This bill proposes to increase pension benefits for certain retired teachers and public employees who retired before July 2004. Specifically, it outlines increases for those who chose "Option B" or "Option C" retirement plans, or who are survivors receiving a survivor benefit. For retired teachers from the Boston or Massachusetts Teachers Retirement System who took Option B, their allowance will increase by $542, and for those who took Option C, the increase will be $1800. For survivors of these teachers, the allowance will increase by $1200. For retirees from the State Retirement System or other systems that accept this act, Option B retirees will see an increase of $395, Option C retirees will receive $1200, and survivors will get $900. The State Teachers' and State Employees' Retirement Systems are automatically considered to have accepted these provisions.