An Act to provide retirement incentives in public higher education

HD 250 establishes a retirement incentive program for eligible employees of Massachusetts state universities. It allows universities to offer one-time payments to encourage retirement or resignation, aiming for payroll savings starting in 2027. Eligible employees (with 25+ years of service, in Group 1 of the retirement system, and not already planning retirement) can purchase additional retirement credits by contributing 4.5% plus 1% above $30,000 of their highest 3-year salary, with universities contributing 2.5% per credit. The program caps total retirement benefits at 80% of an employee's average salary, and applications must be submitted by April 1, 2024, for retirement by June 2026 or December 2026.