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| 2 | 2 | | HOUSE DOCKET, NO. 2571 FILED ON: 1/19/2023 |
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| 3 | 3 | | HOUSE . . . . . . . . . . . . . . . No. 2502 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Carol A. Doherty |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act requiring administrators of certain retirement plans to disclose conflicts of interest. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :DATE ADDED:Carol A. Doherty3rd Bristol1/19/2023James K. Hawkins2nd Bristol2/9/2023 1 of 2 |
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| 16 | 16 | | HOUSE DOCKET, NO. 2571 FILED ON: 1/19/2023 |
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| 17 | 17 | | HOUSE . . . . . . . . . . . . . . . No. 2502 |
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| 18 | 18 | | By Representative Doherty of Taunton, a petition (accompanied by bill, House, No. 2502) of |
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| 19 | 19 | | Carol A. Doherty and James K. Hawkins for legislation to require administrators of certain |
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| 20 | 20 | | retirement plans of employees of subdivisions of the Commonwealth to disclose conflicts of |
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| 21 | 21 | | interest. Public Service. |
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| 22 | 22 | | The Commonwealth of Massachusetts |
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| 23 | 23 | | _______________ |
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| 24 | 24 | | In the One Hundred and Ninety-Third General Court |
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| 25 | 25 | | (2023-2024) |
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| 26 | 26 | | _______________ |
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| 27 | 27 | | An Act requiring administrators of certain retirement plans to disclose conflicts of interest. |
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| 28 | 28 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 29 | 29 | | of the same, as follows: |
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| 30 | 30 | | 1 Section 1. Section 37b of Chapter 71 of the General Laws, as appearing in the 2020 |
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| 31 | 31 | | 2Official Edition is hereby amended by inserting after the word “individual” in line 56 the |
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| 32 | 32 | | 3following:- |
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| 33 | 33 | | 4 “On or after January 1, 2024, any company that administers a retirement plan offered by |
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| 34 | 34 | | 5a political subdivision of the state to the employees of such political subdivision shall disclose to |
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| 35 | 35 | | 6each participant in such retirement plan: (1) The fee ratio and return, net of fees, for each |
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| 36 | 36 | | 7investment under the retirement plan, and (2) the fees paid to any person who, for compensation, |
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| 37 | 37 | | 8engages in the business of providing investment advice to participants in the retirement plan |
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| 38 | 38 | | 9either directly or through publications or writings. Such disclosures shall be made upon initial |
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| 39 | 39 | | 10enrollment in the retirement plan and at least annually thereafter. For the purposes of this section, |
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| 40 | 40 | | 11"retirement plan" means any retirement plan created in accordance with the provisions of Section 2 of 2 |
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| 41 | 41 | | 12403(b) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue |
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| 42 | 42 | | 13code of the United States, as amended from time to time.” |
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