HOUSE DOCKET, NO. 2953 FILED ON: 1/19/2023
HOUSE . . . . . . . . . . . . . . . No. 2562
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The Commonwealth of Massachusetts
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PRESENTED BY:
Daniel J. Hunt
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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 defining regular interest for retirement systems.
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PETITION OF:
Name: | District/Address: | Date Added: |
Daniel J. Hunt | 13th Suffolk | 1/19/2023 |
HOUSE DOCKET, NO. 2953 FILED ON: 1/19/2023
HOUSE . . . . . . . . . . . . . . . No. 2562
By Representative Hunt of Boston, a petition (accompanied by bill, House, No. 2562) of Daniel J. Hunt relative to the definition of regular interest for retirement systems. Public Service. |
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2689 OF 2021-2022.]
The Commonwealth of Massachusetts
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In the One Hundred and Ninety-Third General Court
(2023-2024)
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An Act defining regular interest for retirement systems.
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 (b) of sub-section (6) of section 22 of chapter 32 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by adding at the end thereof the following sentence:--
For any calendar year beginning subsequent to December thirty-first, two thousand and four, regular interest for members of any retirement system shall mean interest credited at a rate of one-half the actuarial assumed rate of investment return for the members system. The rate shall be taken to the nearest tenth of one percent.