Massachusetts H2835 amends pension funding rules for state and local systems, requiring additional appropriations to the pension reserve fund.
Massachusetts H2835 amends the state's pension funding rules for teachers' and local pension systems. It mandates that in fiscal years with no unfunded commonwealth pension liability, an additional appropriation to the pension reserve fund must be made, equal to the normal cost of all future benefits for which the system is obligated. The act also requires the transfer of an additional amount from the General Fund to the Commonwealth’s Pension Liability Fund, equal to the normal cost of all future benefits for which the commonwealth is obligated in the fiscal year.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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