New law addresses RetirementPlus system problem
Governor Charlie Baker has signed into law a measure that will help 2,000 or more MTA members who — through no fault of their own — were prevented from benefiting from the Massachusetts Teachers’ Retirement System’s RetirementPlus program.
If you think you are among the MTA members eligible for this new opportunity, please fill out this form to provide us with additional information.
Update on Early Retirement Bill Filed in 2021-2022 Session
An Act to provide a retirement enhancement opportunity for certain members of the Massachusetts Teachers Retirement System, Senate bill 2783, also known as the “Early Retirement Bill,” was a proposal for MTA priority legislation submitted by MTA members and approved by the MTA Government Relations Committee and MTA Board of Directors in 2021. It was filed by Rep. Carol Doherty (D-Taunton) and Sen. John Velis (D-Westfield) for the 2021-2022 legislative session. Following the hearing and initial committee process, S.2783 was reported favorably by the Joint Committee on Public Service and assigned to the Senate Committee on Ways and Means. Unfortunately, the bill was not passed into law by the July 31 legislative deadline. It is possible that the bill will be re-filed for the next legislative session, but it will have to go through the legislative process from the beginning again.
If you have any questions about the bill please contact Victoria Reim, MTA Legislative Coordinator, at firstname.lastname@example.org. If you would like to speak to an MTA retirement consultant about your specific case please visit our page on Retirement Planning.
Retirement plan options expand for higher ed members
After years of advocating for improvements in the retirement plans available to them, adjunct faculty members and other parttime employees working in public higher education will finally have more options available this fall.
While most higher education employees are members of the state retirement system, a highquality defined-benefit plan, adjunct faculty and other part-time employees are only able to participate in what is called the OBRA Plan — named for the Omnibus Budget Reconciliation Act of 1990. The plan is funded by deductions from an employee’s salary and has only one investment option, a "capital preservation" fund.