Massachusetts Senate Bill S1629

Massachusetts 2023-2024 Regular Session

• Introduced: 2/16/23
• Refer: 2/16/23

Caption

Relative to enhancing cost of living adjustment for certain long term career public retirees

Impact

The bill aims to alleviate the financial burden faced by retirees who have dedicated significant time to public service but receive retirement benefits below the average threshold. By providing additional benefits, the legislation addresses concerns about the inadequacy of current retirement adjustments to meet rising living costs, thus supporting retirees who might struggle with financial stability. This additional support is particularly relevant for those who have faced economic challenges throughout their retirement years.

Summary

Bill S1629, introduced by Senator Brendan P. Crighton, focuses on enhancing the cost of living adjustments for certain long-term career public retirees in Massachusetts. The bill specifies amendments to Chapter 32 of the General Laws, particularly Section 102 and Section 103, allowing eligible members of both the state employee retirement system and the teachers' retirement system to receive additional monetary benefits on their cost of living adjustments. Specifically, retirees with fifteen or more years in retirement may receive up to $200 in addition to their standard increase, depending on their overall annual retirement benefit compared to the average retirement benefit as determined by the most recent actuarial valuation.

Contention

While the bill is primarily framed as a measure to support retirees, it may face scrutiny regarding its funding and budgetary implications. Critics may argue that increasing benefits without a clear funding source could strain the state's retirement systems or lead to complications in financial planning for public service pensions. Supporters, however, may assert that the long-term benefits of supporting retired public servants with additional financial assistance justifies the adjustments, viewing it as an ethical responsibility to those who contributed to community services throughout their careers.