An Act relative to the funding ratio of the public employee retirement system

This bill amends rules for public employee retirement systems in Massachusetts. It changes the criteria for declaring a retirement system "underperforming" by requiring that a system must have both a funded ratio below 50% *and* an annual return at least 3 percentage points lower than the state's main retirement fund over the past decade. The bill also modifies a provision to state that certain funding decisions "may not be revoked for five years" instead of being "in perpetuity." These changes directly affect public employee retirement systems and the state commission overseeing them. The bill focuses on adjusting performance standards and the duration of funding policies.