Massachusetts S1918 amends veteran allowance for public retirees, increasing yearly allowances and maximum caps.

Massachusetts S1918 modifies the veteran allowance for public retirees by increasing the yearly allowance and the maximum allowable amount. Specifically, it raises the yearly allowance from $15 to $50 and from $300 to $1,000. Additionally, it introduces a new yearly allowance of $45 for each year of creditable service, with a cap of $1,000. The changes apply to members of Group 1, Group 2, and Group 4 who are veterans. Acceptance of these provisions requires a majority vote by the retirement system board and approval by the legislative body.

Massachusetts S1918 amends veteran allowance for public retirees, increasing yearly allowances and maximum caps.

Massachusetts S1918 modifies the veteran allowance for public retirees by increasing the yearly allowance and the maximum allowable amount. Specifically, it raises the yearly allowance from $15 to $50 and from $300 to $1,000. Additionally, it introduces a new yearly allowance of $45 for each year of creditable service, with a cap of $1,000. The changes apply to members of Group 1, Group 2, and Group 4 who are veterans. Acceptance of these provisions requires a majority vote by the retirement system board and approval by the legislative body.