APRIL 7, 2023: It was hard not to be struck by the irony of the moment. Bill S.1669 192nd (2021 - 2022) - malegislature.gov To obtain these services, please submit your request by phone or email; we will acknowledge your request, and it will be processed on a first-come, first-served basis. Expands Pension Funding & Proposes 3% COLA. The MTA is optimistic that legislatures will begin looking at this in March and start working on it, she said. Fiscal Year Budgetary Reports; GAAP Guidance; GASB 68 Reports; GASB 75 Reports; Commonwealth Employees; . Westfield Education Association President Lori Lyncosky is among those advocating the new teacher retirement legislation. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 4/4/2023), Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (updated 1/26/2023). These documents relate to the fiscal condition of the retirement board. I am a state employee on the edge of retirement. For your reference, the COLA for fiscal year 2022 was 3% on a base of $13,000, effective July 1, 2021. . The states $5.55 billion annual pension bill could climb if fed-up teachers opt for early retirement under a bill backed by the union that would guard against mid-year defections. She said there are teachers nearing retirement who are immunocompromised or have family members at high risk from the virus, leaving them "anxious and conflicted" as case numbers begin to rise again with remote teaching no longer an option. 2319) of Adrian C. Madaro and Joseph A. Boncore relative to an early retirement incentive program for employees of the Massachusetts Port Authority. But the legislation, a bill to pay a bonus retirement credit to in-person public workers in that state, is still a. 1 0 obj Thank you in advance for your understanding and cooperation. DeRosa told the Public Service Committee that after the end of this school year, she'll have five years of teaching to go before retirement. Rep. Ken Gordon, the committee's House chair, said that one concern he had is that many teachers who might be interested in the early retirement opportunity "really don't know what it will cost them to" participate in such a program. . All rights reserved. October 14, 2022: Thursday mornings announcement by the Social Security Administration of an 8.7% COLA increase for 2023, while not unexpected, confirms what we already knew inflation has placed substantial financial pressure on retirees. YES absolutely need this bill to passed. TheJoint Committee on Public Service held a hearing on the proposed legislation on Wednesday, September 1, and the Committee will determine the next step in the process. 7 regardless of age, providing that the employee agrees to fully fund their pension benefit up front. One of these developments was history making. 9 Retirement Board in order that the employee reach a 75% pension benefit (30 years) or 80% Retirees - MTRS Unfortunately its not available for ALL state employees. It looks great for all essential public-sector workers.
