Bill > S49

This bill establishes a Comprehensive Early Retirement Incentive Program for eligible public employees in Massachusetts, allowing them to receive enhanced retirement benefits by adding up to five years to their combined age and creditable service, provided their total retirement allowance does not exceed 80% of their average annual compensation. To qualify, employees must be active members of the state retirement system on the bill's effective date, classified in Group 1, and eligible for superannuation retirement (a standard retirement allowance). The program has specific application and retirement deadlines, generally between April and July 2015, with some exceptions for state board of retirement employees, state and community colleges, and the University of Massachusetts system. The bill also outlines provisions for counseling, spouse notification for married employees, limitations on refilling vacated positions to control costs (generally capped at 20% of the vacated positions' salary costs for fiscal years 2016 and 2017), and reporting requirements for various state entities to track participation and financial impact. Certain elected officials and high-ranking judicial officers are excluded from participation. Additionally, the bill addresses how payments for unused vacation and sick leave will be disbursed over several years for those participating in the program, and allows certain public authorities and agencies to opt into the program with their own specific rules, as long as the benefits do not exceed those outlined in the bill.