Bill > S1379

This bill allows certain faculty and professional employees of public colleges and universities to count time spent on approved unpaid leaves of absence towards their retirement benefits, provided they pay into the retirement system what they would have contributed during that period, plus interest. Specifically, it amends Chapter 32 of the General Laws, which governs retirement systems, to add a new provision allowing these employees to establish up to two years of such service as "creditable service" for calculating their retirement allowance. This applies to leaves taken to accept prestigious awards, fellowships, scholarships, or other special assignments that benefit both the employee and their institution, and the employee must be a member of the state employees retirement system. The payment for this creditable service can be made in a lump sum or installments as determined by the state board of retirement.