Bill > S1414

This bill establishes an early retirement incentive program for employees of the Massachusetts Port Authority, allowing eligible employees to receive additional retirement benefits. To qualify, an employee must be working for the Port Authority and be a contributing member of its retirement system on the bill's effective date, belonging to Group 1 or Group 2. Eligible employees can request a combination of additional creditable service years and age years, not exceeding a total of 5 years, to be added to their retirement calculation. However, the total annual retirement allowance for any employee participating in this program cannot exceed 80% of their average annual regular compensation. The executive director of the public employee retirement administration commission will study and report on the financial impact and liabilities of these additional benefits by November 30, 2011.