WeVote
Log In

Bill

Bill

S 1794

Requires DOH to develop a payment methodology for federally qualified health centers and rural health centers that dispense ovulation enhancing drugs

2025 Regular Session Introduced by Simcha Felder and 1 co-sponsor

Releases annual and initial plan-fee and net-return disclosures for 403(b) plans run by local governments, aiding participants in comparing options and advisor payments.

REFERRED TO HEALTH
0
WeVote Research Nonpartisan
Bill Summary · S 1794

Summary — S.1794 (Senate Docket No. 800)

Note: the packet you provided contains inconsistent metadata. The Bill Information header refers to a Department of Public Health payment methodology for health centers that dispense ovulation‑enhancing drugs, but the actual bill text (Senate No. 1794 / SD 800) and sponsors concern a state law amendment requiring disclosure by administrators of certain retirement plans. This summary addresses the bill text supplied (retirement‑plan disclosures). Please verify which measure you intend to track.

Purpose

To increase transparency for employees who participate in retirement plans offered by political subdivisions (local government employers) by requiring companies that administer those plans to disclose fees, net returns, and advisory‑fee recipients — thereby helping participants evaluate investments and potential conflicts of interest.

Key provisions

  • Amends Section 37b of Chapter 71 of the General Laws by inserting a new paragraph effective on or after January 1, 2026.
  • Requires any company that administers a retirement plan offered by a political subdivision of the Commonwealth to disclose to each participant:
    1. The fee ratio and the return, net of fees, for each investment option under the retirement plan.
    2. The fees paid to any person who, for compensation, provides investment advice to participants in the plan — whether that advice is provided directly or through publications or writings.
  • Timing of disclosures:
    • At initial enrollment in the retirement plan; and
    • At least annually thereafter.
  • Definition: For purposes of the insertion, “retirement plan” is defined to mean any retirement plan created under Section 403(b) of the Internal Revenue Code (as amended).

Who is affected

  • Primary: Companies/administrators that manage 403(b) retirement plans offered by political subdivisions (cities, towns, regional entities) and the plan participants (local government employees, school employees, etc.).
  • Secondary: Financial advisers and firms who receive fees for providing investment advice to participants (must be disclosed).
  • Potentially impacts vendors, record‑keepers, and local government payroll/benefits administrators responsible for compliance.

Procedural status and timeline

  • Introduced in the Senate: 2025-05-15 (read twice and referred to the Committee on Health, Education, Labor, and Pensions per the metadata).
  • Bill text shows earlier activity: filed 01/14/2025 as Senate Docket No. 800; referred to other committees (Public Service; Health) on dates in Jan–Feb 2025; the House concurred on 2025-02-27.
  • Hearing(s) scheduled/rescheduled for July 9, 2025 (times/rooms listed in the legislative actions).
  • Effective date for the disclosure requirement: on or after January 1, 2026.

Potential impacts and considerations

  • Transparency: Participants would receive standardized information on fees and net returns to compare investment options more accurately.
  • Conflict‑of‑interest disclosure: Naming payees of advisory fees helps reveal possible adviser incentives or revenue‑sharing arrangements.
  • Administrative burden: Plan administrators likely must modify statements, platforms, and reporting systems to calculate fee ratios and net returns and to track advisory payments.
  • Enforcement and remedies: The supplied text does not specify penalties, enforcement mechanisms, or required formats; those details would affect compliance costs and effectiveness.
  • Scope limitation: Text applies to 403(b) plans of political subdivisions; it does not expressly cover other plan types (e.g., 401(a), 457, or private employer plans).

Recommendation

Because the bill packet includes conflicting titles and metadata, stakeholders (municipal plan administrators, unions, financial vendors, and committee staff) should confirm the intended measure and consult the enrolled bill text before acting. If the goal is broader transparency for other plan types, the language would need amendment.

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

Sign in to ask a question.