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H 25

An Act relative to the enabling statute of the Public Employee Retirement Administration Commission

194th Legislature (2025-2026)

H 25 - An Act relative to the enabling statute of the Public Employee Retirement Administration Commission OverviewBill Number: H 25 Title: An Act relative to the enabling statute

Hearing scheduled for 04/14/2025 from 01:00 PM-04:00 PM in A-1
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Bill Summary · H 25

H 25 - An Act relative to the enabling statute of the Public Employee Retirement Administration Commission

Overview

Bill Number: H 25
Title: An Act relative to the enabling statute of the Public Employee Retirement Administration Commission
Status: Hearing scheduled for 04/14/2025 from 01:00 PM-04:00 PM in A-1
Introduced: January 20, 2025

Purpose and Intent

The primary purpose of this bill is to update and modernize the enabling statute for the Public Employee Retirement Administration Commission (PERAC), the state agency responsible for overseeing and regulating public employee pension systems in Massachusetts. The bill aims to clarify PERAC's authority, expand its oversight capabilities, and enhance transparency and accountability within the state's public retirement systems.

Key Provisions

  • Expands PERAC's regulatory authority to include all public retirement systems, not just those under its direct administration
  • Requires PERAC to conduct regular audits and performance reviews of all public retirement systems in the state
  • Mandates that PERAC establish standardized reporting requirements for public retirement systems to improve data collection and analysis
  • Grants PERAC the power to intervene and take corrective action in the event of mismanagement or underfunding within a public retirement system
  • Directs PERAC to develop and implement a comprehensive training program for public retirement board members and administrators
  • Establishes new conflict of interest and ethics guidelines for PERAC staff and public retirement system officials

Affected Parties and Impacts

This bill would primarily impact the operations and governance of the state's 104 public employee retirement systems, which collectively manage over $100 billion in pension assets. The changes would provide PERAC with greater oversight and enforcement capabilities to ensure the long-term solvency and proper administration of these retirement systems, which serve over 400,000 active and retired public employees in Massachusetts.

Procedural and Timeline Considerations

H 25 is currently in the committee review process, with a public hearing scheduled for April 14, 2025. If passed by the legislature and signed into law by the governor, the bill's provisions would take effect on July 1, 2025, giving PERAC and the public retirement systems time to implement the new requirements and standards.

Compiled from official sources — confirm details with the bill’s official record.

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