HOUSE DOCKET, NO. 1491        FILED ON: 2/8/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2664

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Danielle W. Gregoire

_________________

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 the cost of living adjustment for state and teacher retirees.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

Danielle W. Gregoire

4th Middlesex

2/8/2021

Brian W. Murray

10th Worcester

2/17/2021

Tram T. Nguyen

18th Essex

2/18/2021

Carole A. Fiola

6th Bristol

2/18/2021

Sally P. Kerans

13th Essex

2/26/2021

Patrick M. O'Connor

Plymouth and Norfolk

4/7/2021


HOUSE DOCKET, NO. 1491        FILED ON: 2/8/2021

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2664

By Miss Gregoire of Marlborough, a petition (accompanied by bill, House, No. 2664) of Danielle W. Gregoire and others relative to the cost of living adjustment for state and teacher retirees.  Public Service.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1487 OF 2019-2020.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninety-Second General Court
(2021-2022)

_______________

 

An Act relative to the cost of living adjustment for state and teacher retirees.

 

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.  Paragraph (c) of section 102 of chapter 32 of the General Laws, as appearing in the 2018 Official Edition, is amended by striking out in lines 34, 38 and 46 the dollar amount “$13,000”, and inserting in place thereof the following words: - $14,000 in fiscal year 2022, $15,000 in fiscal year 2023 and $16,000 in fiscal year 2024.

SECTION 2.  Subdivision (2A) of section 23 of said chapter 32, as so appearing, is amended by inserting the following paragraph:-

(k) Beginning March 2023 and each March thereafter, the PRIM board shall file with the clerk of the house of representatives a report on the average rate of return on investments by the board during the last two previous years, including a statement whether the average rate of return during the last two previous years exceeds, by two percent, the average of the assumed rate of return for those two years.

SECTION 3.  Section 102 of said chapter 32, as so appearing, is amended by inserting at the end thereof the following paragraph: -

(h) Beginning March 2023 and each March thereafter, the PRIM board shall file with the clerk of the house of representatives the report prepared in accordance with paragraph (k) of subdivision (2A) of section 23. If said report states that the average rate of return on investments during the last two previous years exceeds, by two percent, the average of the assumed rate of return for those two years, the general court shall then determine if an increase in the dollar amount set forth in said paragraph (c) is appropriate and if so, establish the higher dollar amount to be set forth in said paragraph (c).