Articles about Legislation that may be useful to Massachusetts retirees.
Association Appointed To Commissions
JANUARY 2012: Anyone hoping that the recently passed “Pension Reform III” (Chapter 176) would mark the end, at least for the foreseeable future, of further changes in pension and health insurance benefits will be sorely disappointed. Contained within the final pages of the new law is the establishment of four separate studies or commissions – all aimed at making greater changes to pension and health insurance benefits.
JANUARY 2012 VOICE: Chapter 176, landmark Pension Reform, signed into law by Governor Deval Patrick on November 18, brings to a close the longtime concept of a public pension plan that provides full pensions for long-term employees, but allows a reduced pension for anyone who must retire before age 60.
JANUARY 2012 VOICE: As clearly evident from the lead story, our Association is disappointed at the outcome of the latest installment of Pension Reform, which, we believe, saddles future employees with the debt created by past generations of government officials who failed to properly fund the government’s share of pension obligations. In addition to seeking fair and equitable treatment for future government workers, we also strongly advocated our position that existing benefit inequalities be addressed through Pension Reform III.
Earnings Cap Raised
JANUARY 2012 VOICE: Of interest to some members in the new Pension Reform law (Chapter 176), Senate leaders agreed to a floor amendment, sponsored by the Mass. Police Association and backed by our Association, that increases the part-time earnings limits for superannuation retirees who return to public service, on part-time basis, within Massachusetts government. Senator Michael Rodriques (D-Westport) carried the amendment on the Senate floor, which was unanimously accepted.
JANUARY 2012 VOICE: Contained within the myriad of issues addressed by the new Pension Reform Law (Chapter 176, Acts of 2011) is a section that eases the annual reporting requirements of long-term disability retirees, in connection with earned income, if any, during a calendar year.
Chapter 176 Marks Sweeping Change
NOVEMBER 21, 2011: As expected, late last Friday, November 18, Governor Deval Patrick signed Pension Reform III into law as Chapter 176, Acts of 2011.
The measure, which had been enacted in the House and Senate three days earlier, creates a new retirement plan for new employees of our 105 retirement systems, hired on or after next April 2nd.
Effective For New Hires Beginning Next April
NOVEMBER 15, 2011: Pension Reform III (S2065) is now on the verge of becoming law. By a vote of 27-10 in the Senate and 152-0 in the House, today the Legislature enacted a change in the Commonwealth’s public retirement law that will place new employees in a “second tier” retirement plan.
Effective next April 2, all new hires within our state’s 105 retirement systems will close the door on early retirement and require most workers to stay in the system until age 67 in order to reach a full pension.
BOSTON—The Massachusetts Legislature has approved an overhaul of the state's pension system that would raise the minimum retirement age for future state employees to 60.
The compromise bill was accepted Tuesday by the Senate on a 27-10 vote and later on a 149-0 vote in the House.
Senate Increases State & Teacher Base
NOVEMBER 2011 VOICE: Heeding our Association’s call to use “Pension Reform III” as an opportunity to address longstanding benefit inequities, the Senate passed a provision within their proposal (S2018) increasing the state & teacher retirees’ COLA base by $1,000 to a new $13,000.
Phase III Targets New Hires
NOVEMBER 2011 VOICE: Citing the need to reign in pension costs in order to increase the Commonwealth’s bond rating, the Senate has passed a sweeping pension reform measure that serves as the third major overhaul of the state’s defined benefit pension law.