Bill > H3299

This bill amends Section 22 of Chapter 32 of the Massachusetts General Laws, which relates to public pension systems. The key provisions are: (1) Any public pension system in Massachusetts with a funded ratio (the ratio of pension assets to liabilities) of less than 50% and an annual rate of return over the previous 10 years that is at least 3 percentage points lower than the state's Pension Reserves Investment Trust (PRIT) Fund's rate of return over the same period will be declared "underperforming" by the state commission. (2) The provision declaring a pension system's underperforming status as "in perpetuity" is changed to "may not be revoked for five years."

Labor and Employment

https://malegislature.gov/Bills/190/H3299