Issues

House Approves Largest COLA Increase Since 1992

House Approves Largest COLA Increase Since 1992

Local Retirement Systems Empowered to Increase COLA Up To 5% 

APRIL 27, 2022: Today, the Massachusetts House of Representatives unanimously approved a 5% increase in the FY23 cost-of-living adjustment (COLA) for State and Teacher Retirees. The measure also contains authorization for the state’s 102 local retirement systems to increase local COLAs from 3-5% by a majority vote of the retirement board.

COLA improvements pending before House

COLA improvements pending before House

APRIL 22, 2022: After nearly a year of preparation by our Association, debate is about to begin in the House of Representatives on proposals that would make improvements to the annual COLA benefit paid to public retirees. Mass Retirees has sponsored two amendments to the House FY23 budget - #1136 filed by Representative Ken Gordon and #1411 filed by Representative Mark Cusack.

Before I get into the specifics of the two amendments, let me first remind you of two upcoming Mass Retirees meetings.

House FY23 Budget Contains 3% State and Teacher COLA

House FY23 Budget Contains 3% State and Teacher COLA

Amendments Filed to Improve COLA Benefits 

APRIL 19, 2022: On Wednesday the House released their version of the Fiscal Year 2023 state budget. This marks the next stage of the budget process, which began in January when Governor Baker filed his proposal. The $49.6 billion dollar budget included two items of significance to retirees. First, as in the Governor’s proposal, the House fully funded the Group Insurance Commission, making sure health insurance will once again remain stable. 

Very exciting news to share

Very exciting news to share

Weekly Update 4/8/2022: It is always a great day when we can share good news with our members. Since I have two pieces of very positive news to share, I suppose it makes today exceptionally good!

GIC launches health plan procurement process

GIC launches health plan procurement process

Weekly Update 4/1/2022: Every five years the state’s Group Insurance Commission (GIC) is required to rebid all health insurance, pharmacy, dental, and life insurance contracts. FY23, which begins July 1, 2022, marks the final year of the current 5-year contract cycle for all GIC health insurance and pharmaceutical drug plans.

Today we anticipate the release of the first component of the GIC’s FY24 procurement – the Request for Response (RFR) for the health insurance plans. The pharmacy plan RFR will be released in early June.

Striking a deal on WEP reform

Striking a deal on WEP reform

Weekly Update 3/18/2022: Well over half of our membership are impacted by the Social Security WEP law. This means that they have had their personal Social Security benefit unfairly reduced.

UNICARE’S INNOVATIVE APPROACH TO BETTER HEALTH CARE

UNICARE’S INNOVATIVE APPROACH TO BETTER HEALTH CARE

The Shift to Whole Person Health

March 2022 Voice: 

As healthcare costs have continued to rise, a major focus of Mass Retirees has been to look for and promote new ideas and solutions aimed at maintaining our members’ health while taking steps to keep insurance costs down. 

GIC Announces FY23 Plan Design & Premiums

GIC Announces FY23 Plan Design & Premiums

Popular UniCare OME Plan to Increase 1.3%

March 3, 2022: The state’s Group Insurance Commission held their monthly meeting to vote on the plan design structure proposed at the January meeting, as well as vote on the plan rates for FY23.  As we were anticipating from the January meeting the Commission voted to make no changes in the plan design, meaning members will see no increases to the copays and deductibles of the plans.

Mass Retirees Calls For Divestment from Russia

Mass Retirees Calls For Divestment from Russia

Supports Moves by Treasurer Goldberg & Legislature to Act

March 2, 2022: In the wake of Russia’s ongoing invasion of Ukraine, the Mass Retirees Association has joined those calling for full divestment of public pension funds from Russian companies or investments tied to Russia.  

Pension Fund Gains Added $70 Billion Over 10 Years

Pension Fund Gains Added $70 Billion Over 10 Years

February 17, 2022: The state's pension fund has gained $70.6 billion over the past decade, exceeding its targets by $12 billion after posting the fourth largest annual gain in its history in 2021, fund managers reported on Thursday. Pension Reserve Investment Management Executive Director Michael Trotsky has previously shared that the fund, which pays retirement benefits to state employees and teachers, grew by 20.1 percent after fees in 2021, for a gain of $17.4 billion, and closed the year at a record high $104.3 billion.