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Teachers’ retirement system seeks penalties for delinquent reporting and study of creditable-service purchases
Summary
The Massachusetts Teachers' Retirement System asked the Joint Committee on Public Service to approve a bill imposing monetary penalties on employers who fail to timely report pension data and to establish a commission to study the costs and impacts of service-credit purchase rules.
Officials from the Massachusetts Teachers' Retirement System (MTRS) told the Joint Committee on Public Service that late or incomplete employer reporting creates delays and harms members’ retirement planning, and urged passage of House Bill 31 to establish monetary penalties for delinquent reporting.
Jonathan Osimo, executive director of the Massachusetts Teachers' Retirement…
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