HOUSE DOCKET, NO. 1195        FILED ON: 1/14/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2204

The Commonwealth of Massachusetts

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PRESENTED BY:

Michael D. Brady

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to a service based retirement option for Group 1 and Group 2 career employees.

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PETITION OF:

HOUSE DOCKET, NO. 1195        FILED ON: 1/14/2015

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2204

The Commonwealth of Massachusetts

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In the One Hundred and Eighty-Ninth General Court
(2015-2016)

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An Act relative to a service based retirement option for Group 1 and Group 2 career employees.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Section 1.      Notwithstanding the provisions of any general or special law to the contrary, an employee as defined in Section 1 of the chapter 32 of the Massachusetts General Laws who is classified in either Group 1 or 2 and who has been a member for not less than thirty years in the aggregate shall be eligible to apply for and receive a service based retirement allowance as authorized by section five of Chapter thirty-two, using the 2.5 factor under subparagraph (a) of paragraph (2) of section five of chapter thirty-two, regardless of age, providing that the employee agrees to fully fund their pension benefit up front. The employee’s total amount due into the pension system is to be determined by  the State Retirement Board in order that the employee reach a 75% pension benefit (30 years) or 80% benefit (32+ years). The employee may use their vacation time allowance and/or sick time allowance to pay that amount so determined by the Board.