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

This bill increases retirement allowances for certain option B and option C retirees in Massachusetts. Specifically, it raises the retirement allowance by 4% for option B retirees and by 12% for option C retirees. The increase applies to retirees who retired before July 1, 2004 and are receiving a retirement allowance under the state teachers’ and state employees’ retirement systems. The bill allows any retirement system to accept these provisions through a majority vote of the board.

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

This bill increases retirement allowances for certain option B and option C retirees in Massachusetts. Specifically, it raises the retirement allowance by 4% for option B retirees and by 12% for option C retirees. The increase applies to retirees who retired before July 1, 2004 and are receiving a retirement allowance under the state teachers’ and state employees’ retirement systems. The bill allows any retirement system to accept these provisions through a majority vote of the board.