Recent Legislative Changes

Chapter 36, Acts 2012

Confirmation of Base Salary, Amends Chapter 32, Section 15

Chapter 198, Acts 2011

Terms of Collective Bargaining Agreements

Chapter 176, Acts 2011

PENSION REFORM III

Applies to New Members, after 4/2/2012:
*Minimum Retirement Age
*Normal Retirement Age
Group I: from 65 to 67
Group II: from 60 to 62
Group IV: from 55 to 57
*Age Reduction Factors
*Average Regular compensation from 3 to 5 years
*Purchases of Creditable Service
*Group Classification Pro-ration of Benefits
*Anti-Spiking Provision
*Option D Minimum Retirement Age Amended
*Increase Minimum Allowance GL c.32 Sect. 12* (local)
*Conviction of Crimes Connected to Position
*Involuntary Retirement Applications Changes
*Increase Retirement Board Stipend (local option)
*Contribution rates change based on service
*Leave of Absence clarification
*Minimum Allowance for retirees with more than 26 years
*(local)
*Retirees Elected to Public Office
*Increase on Post-Retirement Earnings in Public Sector
*Adjustment to 91A filings
*Option Selection Change Availability with Same Sex Partner
*Procurement Reform
*Statement of Financial Interest Report
*Mandatory Retirement Board Training

Chapter 131, Acts of 2010

PENSION REFORM II:

Voluntary Withdrawal less than 10 years Interest Rate (Only Membership subsequent to 1/1/84)
Definition of Wages for Retirement
Proration of Health Insurance Premiums between Employers
Amendment to Procedure Provisions of Appeals to CRAB
Threshold for Compensation Limitation (employed after 1/1/11)

Chapter 188, Acts 2010

Increase Cola Base *(local option)
Funding Schedule Minimum Payment
ERI Limitations

Chapter 21, Acts 2009

PENSION REFORM I

Regular Compensation
Elected Officials
$5,000 minimum earnings for membership
Dual Membership
Calculation changes
Accidental Disability Calculation
Refund procedures
IRS Compliance
Direct Deposits
Direct Billing for Health Insurance
Increase Length of Funding Schedule
Creditable Service for Elected Officials
Creditable Service for Uncompensated Position & Minimum Compensation for Creditable Service
Retirement Calculation for Dual Members
Distribution to Members over 70 ½