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Pension Reform III: Chapter 176 |
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On November 18, 2011 Governor Deval Patrick signed "Pension Reform III" into law, as Chapter 176, Acts of 2011. A copy of the new law can be found here.
In addition to the sweeping changes Chapter 176 makes to the retirement benefits of new employees, hired on or after April 2, 2012, the bill also alters the governance structure of our 105 public retirement systems. Key changes include mandatory continuing education for board members, annual financial disclosure by board members, new procurement processes and regulatory oversight enhancements.
MACRS will provide members with updated information as it becomes available. |
