SENATE DOCKET, NO. 569        FILED ON: 1/14/2019

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1476

The Commonwealth of Massachusetts

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PRESENTED BY:

William N. Brownsberger

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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 OBRA retirement accounts.

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PETITION OF:

SENATE DOCKET, NO. 569        FILED ON: 1/14/2019

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1476

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-First General Court
(2019-2020)

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An Act relative to OBRA retirement accounts.

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

Section 32 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by adding the following new section to the end thereof:-

Section 106. OBRA Retirement Accounts

No OBRA retirement account, in which a public employee is required to participate, as permitted by the federal Omnibus Budget Reconciliation Act of 1990 (OBRA) as an alternative to Social Security, shall charge a service fee exceeding the amount of interest accrued in the account for the duration of the period covered by the service fee.