Massachusetts H42 amends the Massachusetts State Employees Retirement System, adjusting retirement allowances and interest rates.

Massachusetts H42 amends the Massachusetts State Employees Retirement System by adjusting retirement allowances for state employees who served in more than one group. It specifies that retirement allowances should be pro-rated based on the percentage of total years of service in each group. The bill also modifies the classification of eligible prior service rendered by the member in each group. Additionally, it sets the interest rate for the system at a rate established by the commission, not exceeding two percent, starting from December 31, 2023.

Massachusetts H42 amends the Massachusetts State Employees Retirement System, adjusting retirement allowances and interest rates.

Massachusetts H42 amends the Massachusetts State Employees Retirement System by adjusting retirement allowances for state employees who served in more than one group. It specifies that retirement allowances should be pro-rated based on the percentage of total years of service in each group. The bill also modifies the classification of eligible prior service rendered by the member in each group. Additionally, it sets the interest rate for the system at a rate established by the commission, not exceeding two percent, starting from December 31, 2023.