Increases monthly retirement allowances for certain option B and C retirees in Massachusetts.

This bill proposes to increase monthly retirement allowances for certain retirees who retired before July 1, 2004, and are receiving a lesser retirement allowance under Option B or Option C. The increase varies depending on the retirement system, with specific amounts set for state employees, state teachers, and other systems. The bill allows retirement systems to accept these provisions by a majority vote of the board, subject to legislative body approval. The changes will be prospective and do not provide for retroactive benefits.

Increases monthly retirement allowances for certain option B and C retirees in Massachusetts.

This bill proposes to increase monthly retirement allowances for certain retirees who retired before July 1, 2004, and are receiving a lesser retirement allowance under Option B or Option C. The increase varies depending on the retirement system, with specific amounts set for state employees, state teachers, and other systems. The bill allows retirement systems to accept these provisions by a majority vote of the board, subject to legislative body approval. The changes will be prospective and do not provide for retroactive benefits.