Law addresses RetirementPlus system problem
Former Governor Charlie Baker signed into law a measure that will help 2,000 or more MTA members who — through no fault of their own — were prevented from benefiting from the Massachusetts Teachers’ Retirement System’s RetirementPlus program.
2021-2022 Early Retirement Bill
An Act to provide a retirement enhancement opportunity for certain members of the Massachusetts Teachers Retirement System, Senate bill 2783, also known as the “Early Retirement Bill,” was a proposal for MTA priority legislation submitted by MTA members and approved by the MTA Government Relations Committee and MTA Board of Directors in 2021. It was filed by Rep. Carol Doherty (D-Taunton) and Sen. John Velis (D-Westfield) for the 2021-2022 legislative session. Following the hearing and initial committee process, S.2783 was reported favorably by the Joint Committee on Public Service and assigned to the Senate Committee on Ways and Means. Unfortunately, the bill was not passed into law.
Retirement plan options expand for higher ed members
After years of advocating for improvements in the retirement plans available to them, adjunct faculty members and other parttime employees working in public higher education will finally have more options available this fall.
While most higher education employees are members of the state retirement system, a highquality defined-benefit plan, adjunct faculty and other part-time employees are only able to participate in what is called the OBRA Plan — named for the Omnibus Budget Reconciliation Act of 1990. The plan is funded by deductions from an employee’s salary and has only one investment option, a "capital preservation" fund.