Bill > S1358

This bill, titled the "Establishing the Fair Share Pension Act," proposes to amend existing Massachusetts General Laws, specifically chapter 32, section 22, paragraph (b1/2), to introduce a new withholding requirement for certain public employee pensions. For members of a pension system who began their service with the commonwealth or a political subdivision (like a city or town) on or after January 1, 2015, their employer's treasurer or payroll officer will be required to withhold an additional 28% of their "regular compensation" that exceeds $100,000 on each payday. This withholding is in addition to any other amounts already being deducted from their paychecks for pension contributions. The context for this change is to ensure a "fair share" contribution from higher earners in public service towards their pensions.