Articles about Legislation that may be useful to Massachusetts retirees.
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.
The $55.5 billion “spending blueprint” focuses on taming the high cost of living in Massachusetts, while investing heavily in the state’s future. This includes a new three-year appropriation schedule for the Commonwealth’s Pension Liability Fund, which funds both the State and Teachers’ Retirement Systems.
WEEKLY REPORT FOR FRIDAY, FEBRUARY 24, 2023: Between the President’s Day holiday and school vacation week, there is not much to report in terms of legislative or health insurance news. We will have a lot to say about retiree health insurance following the GIC’s insurance premium meeting next Thursday (3/2/2023).
Meanwhile, I would like to bring attention back to the ongoing work to improve COLA benefits for public retirees – particularly the ongoing success we are witnessing at the local level.
This week, we said goodbye to our friend and colleague Chris Condon. In addition to his work with SEIU Local 509, Chris previously served as a member of the State Retirement Board. He was not only dedicated to public service, but worked tirelessly and selflessly to better the lives of others. The positive impact his work had on others, including public retirees, is immeasurable.
We would like to share the following tribute to Chris, by Globe Columnist Yvonne Abraham.
Awaits Approval By Governor Baker
By: Shawn Duhamel, Chief Executive Officer
Mass Retirees Association
Our efforts to pass a 5% COLA for FY23 took a major step forward this week when the legislature unanimously approved the measure as part of the annual the State Budget.
Budget Measure Now Before Governor Baker
JULY 18, 2022: Late Sunday evening, House and Senate budget negotiators unveiled a compromise $54 billion FY23 State Budget. The measure contains a 5% COLA for retired State Employees and Teachers, as well as a local option provision authorizing the 102 local retirement boards to pay an FY23 COLA from 3-5%. The 3-5% increase for local retirement systems for FY’23 is an option, not a mandate. It allows them to give up to a 5% COLA this year if they so choose.
No Hour & Income Restrictions for Non-Disability Retirees In Public Service During 2022
June 10, 2022: Governor Charlie Baker has signed into law H4456 that waives both the hour and income restrictions (imposed by Section 91 of Chapter 32) on retirees who are in public service employment during 2022. It became Chapter 80 of the Acts of 2022.
Local Retirement Systems Empowered to Increase COLA Up To 5%
APRIL 27, 2022: Today, the Massachusetts House of Representatives unanimously approved a 5% increase in the FY23 cost-of-living adjustment (COLA) for State and Teacher Retirees. The measure also contains authorization for the state’s 102 local retirement systems to increase local COLAs from 3-5% by a majority vote of the retirement board.
APRIL 22, 2022: After nearly a year of preparation by our Association, debate is about to begin in the House of Representatives on proposals that would make improvements to the annual COLA benefit paid to public retirees. Mass Retirees has sponsored two amendments to the House FY23 budget - #1136 filed by Representative Ken Gordon and #1411 filed by Representative Mark Cusack.
Before I get into the specifics of the two amendments, let me first remind you of two upcoming Mass Retirees meetings.
Amendments Filed to Improve COLA Benefits
APRIL 19, 2022: On Wednesday the House released their version of the Fiscal Year 2023 state budget. This marks the next stage of the budget process, which began in January when Governor Baker filed his proposal. The $49.6 billion dollar budget included two items of significance to retirees. First, as in the Governor’s proposal, the House fully funded the Group Insurance Commission, making sure health insurance will once again remain stable.
Weekly Update 4/8/2022: It is always a great day when we can share good news with our members. Since I have two pieces of very positive news to share, I suppose it makes today exceptionally good!
Since 1968 the Retired State, County and Municipal Employees Association has been the leading voice for Massachusetts public retirees and their families. Join with our 52,000 members as we continue the fight.
