Bill > S44

This bill establishes an employee retirement incentive program for executive department employees in Massachusetts to achieve significant payroll savings, aiming for at least $325,100,000 in fiscal year 2016. The program allows eligible employees to receive enhanced retirement benefits, including up to five additional years of creditable service or age, to calculate their retirement allowance, with a cap on the total retirement allowance. To be eligible, employees must be members of the state employees' retirement system, classified in Group 1, and eligible for superannuation retirement. Certain positions, such as those funded by capital appropriations or federal grants, and elected officials, are excluded. The bill sets specific application deadlines for retirement in May 2015, with a retirement date of June 30, 2015, and mandates retirement counseling for participants. It also outlines provisions for reporting on the program's implementation, savings, and impact on agency operations, including limitations on refilling vacated positions to ensure cost savings. Additionally, employees retiring under this program will have their payments for accrued vacation time, unused sick leave, or other benefits paid out over a three-year period instead of immediately.