Bill > S50

This bill establishes an employee retirement incentive program for executive department employees in Massachusetts, aiming to achieve significant payroll and net savings for the state in fiscal year 2016 through various means including offering one-time payments to encourage voluntary resignations or retirements and implementing this specific retirement incentive program. The program, managed by the state board of retirement, prioritizes participants with longer service and requires employees to meet specific eligibility criteria, such as being a member of the state employees' retirement system and eligible for superannuation retirement. The bill defines terms like "agency" and "critical position," with the latter being roles deemed essential for an agency's mission and thus ineligible for the incentive. It also outlines application deadlines, retirement dates, and benefit calculations, allowing for up to five years of combined creditable service and age to determine retirement allowances, with certain limitations on the total allowance amount. The program includes mandatory retirement counseling for participants and addresses how accrued vacation time and unused sick leave payments will be disbursed over a three-year period for those retiring under this act, while also imposing restrictions on rehiring retired employees and setting cost limits for refilling vacated positions. The bill also mandates several reporting requirements for the secretary of administration and finance to track the program's implementation, savings, and impact on agency operations.