Bill > H2204

This bill allows certain public employees in Massachusetts, specifically those classified in Group 1 or Group 2 of the state's retirement system (Massachusetts General Laws, Chapter 32) and who have served for at least 30 years, to retire based on their years of service regardless of their age. This "service-based retirement option" would use a specific calculation factor (2.5) to determine their pension benefit, aiming for either a 75% benefit after 30 years or an 80% benefit after 32 or more years of service. Importantly, employees choosing this option must "fully fund their pension benefit up front," meaning they must pay the entire amount determined by the State Retirement Board to be eligible for this early retirement. The bill also clarifies that employees can use their accumulated vacation and sick time allowances to cover this upfront payment.