Massachusetts 2023-2024 Regular Session

Massachusetts Senate Bill S1626

Introduced
2/16/23  

Caption

Extending veterans retirement buyback opportunities

Impact

The implications of S1626 are significant as it would directly modify the provisions within Chapter 32 of the General Laws that govern retirement benefits for public servants, including veterans. By allowing a longer period for service buybacks, the bill intends to facilitate a better retirement planning process for veterans. The extended timeline can support veterans who may have faced difficulties in returning to service or those who have other professional commitments that impacted their ability to utilize buyback options within the previous four-year limit.

Summary

Senate Bill S1626, titled 'An Act extending veterans retirement buyback opportunities,' seeks to amend existing regulations regarding the retirement buyback options available to veterans in Massachusetts. The bill proposes to extend the timeframe for veterans to buy back their service years from four years to ten years. This change aims to provide veterans with more flexibility and opportunity to enhance their retirement benefits, encouraging a more supportive recognition of their service to the country.

Contention

While the proposal may appear beneficial, it may also raise concerns regarding the fiscal implications for pension funding and how such extensions could affect the state's financial obligations. Opponents of the bill may argue that extending the buyback period could potentially increase the financial burden on state pension funds. Additionally, the discussion could bring attention to equitable opportunities for all veterans, factoring in varying levels of service commitment and the potential for differing impacts depending on the branch of service or the nature of employment post-service.

Companion Bills

MA H2662

Similar To Relative to veterans' buyback

MA H4671

Similar To Honoring, empowering, and recognizing our servicemembers and veterans

MA H4869

Similar To Study Order

MA H4976

Similar To Honoring, empowering, and recognizing our servicemembers and veterans

MA S2610

Replaced by Order relative to authorizing the joint committee on Public Service to make an investigation and study of certain current Senate documents relative to public service matters.

Previously Filed As

MA S2205

Facilitating cost efficient transportation

MA S2350

Facilitating cost efficient transportation

MA S920

Ensuring tuition equity at the Stockbridge School of Agriculture

MA S2115

Establishing the official sedimentary structure of the Commonwealth

MA S2311

Providing for timely reimbursement of cities and towns for veterans' benefits

MA S1804

Designating certain employees of the Massachusetts Department of Transportation to be in Group 2 of the contributory retirement system

MA S918

Expanding access to higher education tuition and fee waivers for adopted foster children

MA S1292

Relative to state employment postings

Similar Bills

No similar bills found.