Section 64. The state treasurer, on behalf of the commonwealth, may contract with an employee to defer a portion of that employee’s compensation and may, for the purposes of funding a deferred compensation program for the employee, established in accordance with the United States Internal Revenue Code, the “Code”, invest the deferred portion of the employee’s income in a life insurance or annuity contract, mutual fund, a bank investment trust, and/or additional investment alternatives available under the program. The treasurer, before making the investment, shall solicit bids from fund managers, investment managers, and insurance companies authorized to conduct business within the commonwealth pursuant to chapter 175, mutual fund managers, and banks, which bids shall be sealed, and opened at a time and place designated by the treasurer. A bid submitted by an insurance company, mutual fund, bank investment trust or other fund manager or investment manager, to fund the deferred compensation program shall, where applicable, clearly indicate the interest rate which shall be paid on the deferred funds, the commissions which will be paid to the salesmen, the load imposed for the purpose of administering the funds, mortality projections, expected payouts, tax implications for participating employees and other information as the treasurer may require. Any contract entered into between an employee and the commonwealth pursuant to this section shall include the information in terms the employee can reasonably be expected to understand.
As used in this section the word “employee” shall have the same meaning as “employee” in section one of chapter thirty-two and shall include members of the state police temporarily assigned to and paid by the Massachusetts Turnpike Authority, the Massachusetts Port Authority or any other board, agency, commission or authority to which they may be temporarily assigned and by which they are paid, and consultants and independent contractors who are natural persons paid by the commonwealth.
An employee may defer compensation; provided, however, that such deferral does not exceed the maximum allowable under the appropriate provisions of the Code, as amended and in effect for the taxable year, and appropriate regulations thereunder.
Such deferred compensation program shall be in addition to and not a part of the retirement program or pension system as provided under said chapter thirty-two and any other benefit program provided by law for such employee. Any compensation deferred under such a plan shall continue to be included as regular compensation, as defined in section one of said chapter thirty-two, for the purpose of computing the retirement and pension benefits earned by any such employee, but any compensation so deferred shall not be included in the computation of any taxes withheld on behalf of any such employee.
The state treasurer, on behalf of the commonwealth, shall contract with every person, who is receiving compensation from the commonwealth for services performed for the commonwealth and who is not eligible for membership or has exercised an option not to participate in the state retirement system set forth in chapter thirty-two, to defer a portion of that person’s compensation, and shall invest the deferred portion of that person’s income in a deferred compensation program established in accordance with said Code. For persons holding positions which would have rendered the holder of the position eligible for participation in the commonwealth’s deferred compensation program on November fifth, nineteen hundred and ninety, the state treasurer shall contract for plan years prior to January first, nineteen hundred and ninety-three, to defer six percent of that person’s regular compensation, as defined in section one of chapter thirty-two for the period subsequent to December thirty-first, nineteen hundred and forty-five, but no greater than the maximum deferral allowable for that person pursuant to the provisions of said Code for government deferred compensation programs. For persons holding positions which would not have rendered the holder of the position eligible for participation in the commonwealth’s deferred compensation program on November fifth, nineteen hundred and ninety, the state treasurer shall contract to defer seven and one-half percent of that person’s regular compensation, as defined in said section one of said chapter thirty-two for the period subsequent to December thirty-first, nineteen hundred and forty-five, but no greater than the maximum deferral allowable for that person pursuant to the provisions of said Code for government deferred compensation programs.
Notwithstanding the provisions of this section, the state treasurer need not contract with any part-time, seasonal or temporary employee not required by said Code to participate in a public retirement system. All contracts formed with part-time, seasonal or temporary employees pursuant to the provisions of the previous paragraph shall entitle the employee to a single-sum distribution of the employee’s deferrals plus reasonable interest.
Nothing in this section shall be construed to create or grant any rights not previously enjoyed under chapter thirty-two A or one hundred and fifty E.
Section 64. The state treasurer, on behalf of the commonwealth, may contract with an employee to defer a portion of that employee’s compensation and may, for the purposes of funding a deferred compensation program for the employee, established in accordance with the United States Internal Revenue Code, the “Code”, invest the deferred portion of the employee’s income in a life insurance or annuity contract, mutual fund, a bank investment trust, and/or additional investment alternatives available under the program. The treasurer, before making the investment, shall solicit bids from fund managers, investment managers, and insurance companies authorized to conduct business within the commonwealth pursuant to chapter 175, mutual fund managers, and banks, which bids shall be sealed, and opened at a time and place designated by the treasurer. A bid submitted by an insurance company, mutual fund, bank investment trust or other fund manager or investment manager, to fund the deferred compensation program shall, where applicable, clearly indicate the interest rate which shall be paid on the deferred funds, the commissions which will be paid to the salesmen, the load imposed for the purpose of administering the funds, mortality projections, expected payouts, tax implications for participating employees and other information as the treasurer may require. Any contract entered into between an employee and the commonwealth pursuant to this section shall include the information in terms the employee can reasonably be expected to understand.
As used in this section the word “employee” shall have the same meaning as “employee” in section one of chapter thirty-two and shall include members of the state police temporarily assigned to and paid by the Massachusetts Turnpike Authority, the Massachusetts Port Authority or any other board, agency, commission or authority to which they may be temporarily assigned and by which they are paid, and consultants and independent contractors who are natural persons paid by the commonwealth.
An employee may defer compensation; provided, however, that such deferral does not exceed the maximum allowable under the appropriate provisions of the Code, as amended and in effect for the taxable year, and appropriate regulations thereunder.
Such deferred compensation program shall be in addition to and not a part of the retirement program or pension system as provided under said chapter thirty-two and any other benefit program provided by law for such employee. Any compensation deferred under such a plan shall continue to be included as regular compensation, as defined in section one of said chapter thirty-two, for the purpose of computing the retirement and pension benefits earned by any such employee, but any compensation so deferred shall not be included in the computation of any taxes withheld on behalf of any such employee.
The state treasurer, on behalf of the commonwealth, shall contract with every person, who is receiving compensation from the commonwealth for services performed for the commonwealth and who is not eligible for membership or has exercised an option not to participate in the state retirement system set forth in chapter thirty-two, to defer a portion of that person’s compensation, and shall invest the deferred portion of that person’s income in a deferred compensation program established in accordance with said Code. For persons holding positions which would have rendered the holder of the position eligible for participation in the commonwealth’s deferred compensation program on November fifth, nineteen hundred and ninety, the state treasurer shall contract for plan years prior to January first, nineteen hundred and ninety-three, to defer six percent of that person’s regular compensation, as defined in section one of chapter thirty-two for the period subsequent to December thirty-first, nineteen hundred and forty-five, but no greater than the maximum deferral allowable for that person pursuant to the provisions of said Code for government deferred compensation programs. For persons holding positions which would not have rendered the holder of the position eligible for participation in the commonwealth’s deferred compensation program on November fifth, nineteen hundred and ninety, the state treasurer shall contract to defer seven and one-half percent of that person’s regular compensation, as defined in said section one of said chapter thirty-two for the period subsequent to December thirty-first, nineteen hundred and forty-five, but no greater than the maximum deferral allowable for that person pursuant to the provisions of said Code for government deferred compensation programs.
Notwithstanding the provisions of this section, the state treasurer need not contract with any part-time, seasonal or temporary employee not required by said Code to participate in a public retirement system. All contracts formed with part-time, seasonal or temporary employees pursuant to the provisions of the previous paragraph shall entitle the employee to a single-sum distribution of the employee’s deferrals plus reasonable interest.
Nothing in this section shall be construed to create or grant any rights not previously enjoyed under chapter thirty-two A or one hundred and fifty E.
Section 64. The state treasurer, on behalf of the commonwealth, may contract with an employee to defer a portion of that employee’s compensation and may, for the purposes of funding a deferred compensation program for the employee, established in accordance with the United States Internal Revenue Code, the “Code”, invest the deferred portion of the employee’s income in a life insurance or annuity contract, mutual fund, a bank investment trust, and/or additional investment alternatives available under the program. The treasurer, before making the investment, shall solicit bids from fund managers, investment managers, and insurance companies authorized to conduct business within the commonwealth pursuant to chapter 175, mutual fund managers, and banks, which bids shall be sealed, and opened at a time and place designated by the treasurer. A bid submitted by an insurance company, mutual fund, bank investment trust or other fund manager or investment manager, to fund the deferred compensation program shall, where applicable, clearly indicate the interest rate which shall be paid on the deferred funds, the commissions which will be paid to the salesmen, the load imposed for the purpose of administering the funds, mortality projections, expected payouts, tax implications for participating employees and other information as the treasurer may require. Any contract entered into between an employee and the commonwealth pursuant to this section shall include the information in terms the employee can reasonably be expected to understand.
As used in this section the word “employee” shall have the same meaning as “employee” in section one of chapter thirty-two and shall include members of the state police temporarily assigned to and paid by the Massachusetts Turnpike Authority, the Massachusetts Port Authority or any other board, agency, commission or authority to which they may be temporarily assigned and by which they are paid, and consultants and independent contractors who are natural persons paid by the commonwealth.
An employee may defer compensation; provided, however, that such deferral does not exceed the maximum allowable under the appropriate provisions of the Code, as amended and in effect for the taxable year, and appropriate regulations thereunder.
Such deferred compensation program shall be in addition to and not a part of the retirement program or pension system as provided under said chapter thirty-two and any other benefit program provided by law for such employee. Any compensation deferred under such a plan shall continue to be included as regular compensation, as defined in section one of said chapter thirty-two, for the purpose of computing the retirement and pension benefits earned by any such employee, but any compensation so deferred shall not be included in the computation of any taxes withheld on behalf of any such employee.
The state treasurer, on behalf of the commonwealth, shall contract with every person, who is receiving compensation from the commonwealth for services performed for the commonwealth and who is not eligible for membership or has exercised an option not to participate in the state retirement system set forth in chapter thirty-two, to defer a portion of that person’s compensation, and shall invest the deferred portion of that person’s income in a deferred compensation program established in accordance with said Code. For persons holding positions which would have rendered the holder of the position eligible for participation in the commonwealth’s deferred compensation program on November fifth, nineteen hundred and ninety, the state treasurer shall contract for plan years prior to January first, nineteen hundred and ninety-three, to defer six percent of that person’s regular compensation, as defined in section one of chapter thirty-two for the period subsequent to December thirty-first, nineteen hundred and forty-five, but no greater than the maximum deferral allowable for that person pursuant to the provisions of said Code for government deferred compensation programs. For persons holding positions which would not have rendered the holder of the position eligible for participation in the commonwealth’s deferred compensation program on November fifth, nineteen hundred and ninety, the state treasurer shall contract to defer seven and one-half percent of that person’s regular compensation, as defined in said section one of said chapter thirty-two for the period subsequent to December thirty-first, nineteen hundred and forty-five, but no greater than the maximum deferral allowable for that person pursuant to the provisions of said Code for government deferred compensation programs.
Notwithstanding the provisions of this section, the state treasurer need not contract with any part-time, seasonal or temporary employee not required by said Code to participate in a public retirement system. All contracts formed with part-time, seasonal or temporary employees pursuant to the provisions of the previous paragraph shall entitle the employee to a single-sum distribution of the employee’s deferrals plus reasonable interest.
Nothing in this section shall be construed to create or grant any rights not previously enjoyed under chapter thirty-two A or one hundred and fifty E.
