Establishes cost percentage for non-Commonwealth entities in the state employees' retirement system.
This bill amends the General Laws to determine the cost percentage of non-Commonwealth entities within the state employees' retirement system. It mandates that each district, non-Commonwealth governmental unit, or educational collaborative remit to the state retirement board a percentage of the payroll of the district, non-Commonwealth governmental unit, or educational collaborative. The actuary will determine this cost percentage based on factors such as types of governmental unit, employee demographic information, and employee group classification.
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