An Act relative to the Massachusetts Teachers' Retirement System benefit calculation

This bill amends the Massachusetts Teachers' Retirement System to update the percentage used to calculate retirement benefits based on a teacher's age at the time of retirement. It directly affects teachers in the state by replacing the current calculation table with a new one that links specific benefit percentages to different age groups. The key provision involves inserting a detailed schedule that assigns lower benefit percentages to teachers retiring at younger ages compared to those retiring at older ages. This change aims to align the benefit formula with updated actuarial assumptions regarding retirement timing and longevity.