Our representatives can most likely answer your questions or take your requests for additional services. There is no set timeline for when the bill will move forward in the legislature, but Lyncosky said she is hopeful a decision will be made soon. 9/9/22 Weekly Update:By CEO Shawn Duhamel. Expands Pension Funding & Proposes 3% COLA WEDNESDAY, MARCH 1, 2023: Governor Maura Healey has filed her first state budget proposal, formally kicking off the FY24 budget process. %PDF-1.7 Walk-in services are available Monday through Friday from 9:00 a.m. 4:45 p.m. HOUSE DOCKET, NO. Sullivan said the exact benefit per worker would depend on worker's salary, age, years in the system, and other factors. 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. ; Check your pay stub to confirm that you are contributing at the correct rate. s dp>goAqNGz>r T;A?pE){],eiWR;KmfJgXvA2"GVI N? This is a good Bill for Groups 1 and 2. Latest News | MassRetirees Retirement credit eyed to pay back essential public workers 2 0 obj The Board requested we provide the additional appropriation due from each unit as a result of the adoption of a $15,000 COLA base. We were unable to subscribe you to WBUR Today. "This bill is all about recognizing the deep sacrifices that our essential public workers made throughout the pandemic to keep the rest of us safe," Velis, a Westfield Democrat and one of the key sponsors, said in a statement. WEDNESDAY, MARCH 1, 2023:Governor Maura Healey has filed her first state budget proposal, formally kicking off the FY24 budget process. The benefit would help state employees who have not yet worked enough years to get the maximum available pension benefit, which is 80 percent of their salary. I have 250 sick days, my per diem rate times those days is an $86,000 unfunded liability for the city, she said. Since 1968 the Retired State, County and Municipal Employees Association has been the leading voice for Massachusetts public retirees and their families. "These employees would receive recognition for the work they did throughout the pandemic to keep government services running," Noel said. Save my name, email, and website in this browser for the next time I comment. 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. Breaking News | MassRetirees ERIPs can very negatively impact the funding percentage and OPEB liability of a pension fund. the intended date of retirement, have at least 25 years of service, can. I have been waiting for this opportunity myself as I need 4+ years to reach my 80%. "I could understand a bonus being given to some front-line public sector personnel in the thousands of dollars each but not in the hundreds of thousands," said Sullivan, a former state inspector general who now works for the Pioneer Institute, a think tank that has raised concerns about unfunded pension obligations in the past. DECEMBER 15, 2022: The Group Insurance Commission held the final monthly commission meeting of the year on December 15th. 4 a member for not less than thirty years in the aggregate shall be eligible to apply for and receive 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. Westfield Education Association President Lori Lyncosky is among those advocating the new teacher retirement legislation. 8/5/2022 Weekly Update: While the bulk of todays (long and detailed) email is on the status of the Social Security WEP & GPO legislation, allow me toremind you of todays (Friday) Tele-Town Hall Meetingas well as provide a quick update on developments with the local option for the 5% COLA. %8e'f`%EXqG,!IdQ%LTn Notwithstanding the provisions of any general or special law to the Public Pension Roundup: Reform And Regression - Forbes In addition to his work with SEIU Local 509, Chris previously served as a member of the State Retirement Board. (Don Treeger | The Republican). These documents relate to the fiscal condition of the retirement board. A half-dozen people crammed into a room on the 16th floor of Brigham & Womens Hospital late Tuesday night, family and friends of Buzzy Barton, who was sitting up in his bed taking it all in. 2808) of Jonathan D. Zlotnik, John C. Velis and others relative to providing a COVID-19 retirement credit to essential public-sector workers. "I can't say that that would be true throughout the state, but I hope anecdotally that helps to address your very real concern about this backfilling that would have to take place.". 2319) of Adrian C. Madaro and Joseph A. Boncore relative to an early retirement incentive program for employees of the Massachusetts Port Authority. . For fiscal year 2023, it was 5% on a base of $13,000, effective July 1, 2022. . Baker talking about early retirement for fiscal year 2020-2021. FY 2022-2023 FY 2022-2023 FY 2023-2024 FY 2023-2024 REVENUE BY SOURCE If you cannot find the information you need on our website, we strongly encourage you to contact us by phone or email before driving to either our Charlestown or Springfield office. No. APRIL 8, 2023: CNN Theres a reason why politicians have long shied away from addressing Social Securitys massive financial problems. As part of the FY2022 state budget process, the post-retirement hours limit was increased from 960 to 1,200 hours, retroactive to July 1, 2021. APRIL 7, 2023: It was hard not to be struck by the irony of the moment. As of the beginning of 2019, the. The work and long hours they put in for our students is undeniable, and in the current teacher retirement system, many are restricted from retiring when it is best for them, Velis said. Charlie Bakers state of emergency, whichever comes later. massachusetts teachers early retirement incentive fy 2022 . "There is zero analysis to see how much this would cost," Beckwith said. 10 benefit (32+ years). 9,R2II An Act relative to a service based retirement option for Group 1 and Group 2 career employees. To be eligible for the increase the member must be retired on or before July 1, 2022. Thank you for your website feedback! Teachers at high risk of COVID-19 would also qualify. 1794 FILED ON: 2/11/2021. I am a state employee on the edge of retirement. So right now Im about to [keels over]. . . It turns out that things have been even busier than I anticipated which is saying something. MA H2620 | BillTrack50 People are not acting out of fear. 8 The employees total amount due into the pension system is to be determined by the State Unless it is exactly the same no one will be able to verify any information. In turn, many school districts face difficulties in filling out their staff as salaries of older teachers go up. March 31, 2023: It is very hard to believe that today is the end of March. Several teachers who testified indicated they didn't think the workforce pipeline would be a problem. This year has been so incredibly challenging, she added. The state's $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. 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. . It looks great for all essential public-sector workers. Unfortunately its not available for ALL state employees. Join the discussion and let your voice be heard. 2023 www.metrowestdailynews.com. 3 0 obj That was only a short time ago ! MTRS offices are now open for limited walk-in services. The employee may use their vacation time allowance and/or personal 3 Laws who is classified in either Group 1 or 2 and all political subdivisions thereof who has been As is the case at allMass Retireesmeetings, members can bring a guest. 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. Top-requested sites to log in to services provided by the state. PDF FY 2023-24: SCHOOL AID Summary: House Subcommittee Chair's area meeting takes place today (Friday) at 11AM, Breaking news from the GIC on the selection of CVSHealth as the pharmacy benefits manager (PBM) for both Medicare and non-Medicare plans, The latest news on our efforts to pass a Social Security WEP reform bill in 2022. This week, we said goodbye to our friend and colleague Chris Condon. endobj 3 0 obj A: Those defined by the CDC as being at high risk for severe illness from COVID-19 would be eligible to retire under this act directly after their local authority has approved the act but before August 31, 2022, or the cancellation of the governor's state of emergency, whichever is later.