An Act to establish the Pension Innovation Fund for intergenerational equity
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill creates the Pension Innovation Fund, designed to address concerns about the long-term financial health of public pension systems in Massachusetts. The fund’s purpose is to explore and implement innovative solutions to ensure these systems are sustainable for future generations. It aims to proactively address potential funding shortfalls and promote intergenerational equity in pension obligations. The fund will operate under the oversight of the Public Service Committee.
Key provisions
- Establishes the Pension Innovation Fund.
- Authorizes the fund to explore and implement innovative pension system reforms.
- Requires the fund to focus on long-term sustainability.
- Directs the fund to consider intergenerational equity in its recommendations.
- Places the fund under the oversight of the Public Service Committee.
- Allows the fund to conduct studies and pilot programs.
Who is affected
- Massachusetts Public Employees
- Massachusetts Retirees
- The Commonwealth of Massachusetts
- Public Service Committee
- Pension System Participants
Notable changes
- The bill introduces a proactive approach to pension system reform beyond traditional funding mechanisms.
- It establishes a dedicated fund for innovation and experimentation in pension management.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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