An Act relative to the creditable service of former employees of the Massachusetts Development Finance Agency
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill aims to allow former employees of the Massachusetts Development Finance Agency (MDFA) to receive credit for their service towards retirement benefits. It seeks to establish a process for recognizing the contributions of these individuals, similar to how other public sector employees are credited. The bill addresses a potential gap in retirement benefits for those who previously worked at the MDFA.
Key provisions
- Establishes a mechanism for creditable service for former MDFA employees.
- Allows former MDFA employees to receive credit towards retirement benefits.
- Defines the criteria for determining eligible service.
- Specifies the process for applying for and receiving creditable service.
- Addresses potential discrepancies in retirement calculations for former MDFA employees.
Who is affected
- Former employees of the Massachusetts Development Finance Agency
- Retirees from the MDFA
- The Massachusetts Teachers’ Retirement System (potentially, given similar bills)
- Individuals covered by public sector retirement plans
Notable changes
- Addresses a potential lack of retirement credit for former MDFA employees.
- Creates a new pathway for recognizing service for this specific group of employees.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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