Bill > H4290

This bill authorizes the Middlesex County Retirement System to offer an early retirement incentive program to certain employees of the Chelmsford Water District, overriding any conflicting laws. To qualify, an employee must work for the Chelmsford Water District, be a member of the Middlesex County Retirement System, have at least 20 years of "creditable service" (meaning years of work that count towards retirement benefits) or, if 55 or older, at least 10 years of creditable service, and submit a timely application. Commissioners of the Chelmsford Water District are not eligible. The incentive program applies only to applications for a "superannuation retirement allowance," which is a retirement benefit paid upon reaching a certain age and service requirement. Eligible employees must apply within 60 days of the bill's effective date, and their requested retirement date must be no later than 120 days after the effective date. The retirement board can offer the incentive to up to three employees, prioritizing those who apply first. Upon acceptance, these employees will receive an increase to their retirement allowance, calculated by adding a combination of years of creditable service and years of age, not exceeding five years in total. Additionally, the Chelmsford Water District's board of commissioners must hold at least one public hearing on the program before June 1, 2016, with proper public notice. The act takes effect on July 1, 2016.