An Act to provide retirement incentives in public higher education

This bill establishes a new retirement incentive program for employees of Massachusetts public universities who have at least 25 years of state service. To participate, eligible staff must apply by April 1, 2024, and retire by June 30, 2024, or a delayed date of December 31, 2024, in exchange for additional retirement benefits calculated through a combination of credited service years and age. The legislation requires universities to report anticipated separations to the state retirement board by March 20, 2024, and explicitly excludes certain groups such as those funded by federal grants or elected officials. By offering these financial incentives, the act aims to encourage voluntary resignations or retirements to help public universities achieve payroll savings starting in fiscal year 2025.