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LEGISLATURE PASSES 3% COLA INCREASE |
Retiree GIC Contribution Rates Unchanged
June 20, 2009: On Friday, the Legislature approved the $27.4 billion Fiscal Year 2010 state budget, which is set to take effect on July 1. Despite the severe recession, that has resulted in deep budget cuts, the budget contains the full 3% COLA for state and teacher retirees. Nearly all local retirement systems have now approved the COLA for local retirees, which will also be paid in July.
While the Legislature opted to increase the insurance contribution rates for active state workers insured under the state's Group Insurance Commission (GIC), rates for retired state workers remain fixed at 90/10 (pre-7/1/94 retirees) or 85/15. Active state workers will now contribute 20% if they were hired prior to 7/1/03. Those hired after that date will contribute 25%.
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LEGISLATURE PASSES PENSION REFORM LAW |
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Current Retirees Not Effected By Benefit Changes
JUNE 11, 2009: The Massachusetts Legislature has passed sweeping pension reform legislation that will not only impact the pension benefits of future public employees, but could also alter the benefits of current active employees as well.
However, the debate surrounding pension reform and the legislation passed today does not impact the pension benefits now being received by current retirees. Changes could impact those retiring after June 30, 2009.
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For forty years the Retired State, County and Municipal Employees Association of Massachusetts has provided retired public employees their own voice on Beacon Hill.
