Bill
S 2013
Massachusetts S.2013 imposes a 2.5% annual excise on private college endowments over $1B to fund higher education, early education, and child care.
Note: the materials you provided include multiple, conflicting texts for “S 2013” (different jurisdictions and subject matter). Below I summarize the two distinct bill texts included and note the inconsistencies (title, sponsors, and actions). If you want a single, focused summary, tell me which version (New Jersey PERS amendment, Massachusetts endowment excise, or the synthetic‑drugs criminalization title you originally listed) you want prioritized.
Summary — Key issues and conflicts
- The heading you provided (S 2013 — “Relates to criminalizing the sale, use and possession of synthetic drugs”) does not match the two bill texts included.
- The “Introduced Version” text appears to amend New Jersey pension law (membership rules for Defined Contribution Retirement Program and a provision transferring certain business administrators into the Public Employees’ Retirement System).
- The “Bill Text” labeled SENATE No. 2013 is a Massachusetts bill to impose an annual excise on very large private college endowments and create an Educational Opportunity for All Trust Fund.
- Legislative actions, sponsors, and committee referrals are mixed and appear to come from multiple jurisdictions/sessions.
Below are separate, concise summaries of the two distinct bill texts you supplied.
1) New Jersey — Amendments to public retirement membership (Introduced Version)
Purpose and intent
- Amend P.L.2007, c.92 (C.43:15C-2) and add a new section to clarify eligibility and membership rules for the Defined Contribution Retirement Program (DCRP) and to change membership for certain “business administrators.”
Key provisions
- Restates and clarifies categories of persons required or eligible to participate in the DCRP (elective officials, appointees requiring advice and consent, certain local political subdivision appointees, part‑time/low‑salary positions, and special cases regarding pension caps).
- Adds an explicit exclusion: persons holding specified licensed professional positions or certain local officials (including a proposed definition of “business administrator” pending in another bill) are excluded from automatic DCRP eligibility.
- Creates a new provision (truncated in your copy) requiring business administrators currently in the DCRP to be enrolled in the Public Employees’ Retirement System (PERS) within 90 days of the act’s effective date, if they meet specified conditions.
Who is affected
- Current and future public employees in New Jersey eligible for the DCRP, particularly business administrators employed by political subdivisions and local authorities.
- PERS and DCRP administration and employers (local governments, school boards, authorities).
Procedural/timeline
- Introduced 6/10/2025 (per your file). The new transfer-to-PERS clause would take effect within 90 days after enactment (per the truncated language).
2) Massachusetts — Endowment excise to fund education (Senate No. 2013)
Purpose and intent
- Levy a targeted annual excise on very large private college endowments and use revenues to subsidize higher education, early education, and child care for lower‑ and middle‑income residents.
Key provisions
- Imposes an annual excise of 2.5% on aggregate endowment funds of private institutions with endowments in excess of $1,000,000,000.
- Defines “endowment fund” as institutional funds not wholly expendable on a current basis under donor terms.
- Establishes the Educational Opportunity for All Trust Fund to receive excise revenues; funds may not cause a fiscal‑year deficit and unspent balances remain in the trust.
- Creates a seven‑member Board of Trustees to administer the trust (includes commissioners or designees from higher education and early education & care, plus five appointed trustees representing expertise in higher education, early education/child care, labor/child‑care workforce, a community college employee, and an employee of a private institution subject to the excise). Appointed trustees serve two‑year terms.
Who is affected
- Private institutions of higher education with endowments > $1 billion (they would pay the 2.5% excise).
- Lower‑ and middle‑income students and families — potential recipients of subsidies for college, early education, and child care.
- State administration (Executive Office of Education, Department of Higher Education, Department of Early Education & Care).
Procedural/timeline
- Text indicates insertion into Chapter 63 (tax law). Your legislative-action notes show referrals and hearings with mixed dates — confirm the correct jurisdiction and current status for accurate timelines.
Potential impacts (high‑level)
- MA bill: could generate substantial recurring revenue from a small number of large endowments; would reallocate resources to expand affordability programs but may prompt institutional responses (legal challenge, changes to endowment spending policy, fundraising impacts).
- NJ bill: shifting certain local business administrators from DCRP to PERS would affect retirement benefit structure and employer/employe contribution obligations; fiscal impacts for PERS and local employers depend on membership numbers and benefit formulas.
Next steps I recommend
- Confirm which S 2013 you want summarized (NJ retirement amendment, MA endowment excise, or the synthetic‑drugs bill referenced in the title).
- If you want deeper analysis, provide the full, final bill text for the chosen version (the NJ text was truncated; MA text appears complete). I can then produce a focused fiscal, legal, and stakeholder impact analysis.
Compiled from official sources — confirm details with the bill’s official record.
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