Massachusetts · statute · Mass. Gen. Laws ch. 151D · 18 active provisions
Section 1. The following words and phrases as used in this chapter shall have the following meanings, unless the context clearly requires otherwise: ''Accrued portion of normal retirement benefit'', that amount of benefit which, irrespective of whether the right to such benefit is nonforfeitable, is equal to (a) in the…
Section 2. The trustees or plan administrators of all trusts, funds, pension plans, combination plans or profit-sharing retirement plans, which provide benefits for participants within the commonwealth, shall register such trusts, funds or plans with the board in accordance with the provisions of this section within ni…
Section 3. (a) The trustees or plan administrator required to register under section two shall file an annual report with the board within five months after the end of the calendar year, or if the records of the trust or fund are kept on a policy or fiscal year basis then within five months after the end of such policy…
Section 3A. The plan administrator or trustee of a registered pension plan except plans with less than twenty-six participants or pension plans or profit-sharing retirement plans funded solely by the direct purchase of an insurance contract or group annuity contract, or that portion of combination plans funded solely b…
Section 4. Notwithstanding any provision of any contract or agreement entered into by the trustee or plan administrator of any fund authorized under this chapter, whenever such contract or agreement provides for reimbursement for any visual services which are within the lawful scope of the practice of a duly registered…
Section 5. The fee for registering a trust or fund under the provisions of section two and the fee for filing annual reports with the board shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven.
Section 6. Any trustee, plan administrator, official, employee or other person who is convicted of embezzling or misappropriating trust funds or funds, securities or other property entrusted to his care or custody, or of falsification of records or destruction of records with intent to defraud, or of willfully and know…
Section 7. The provisions of this chapter shall not apply to workers' compensation or plans established or maintained for the benefit of self-employed individuals or owner-employees as defined by the Internal Revenue Code of 1954, as amended or to any retirement fund, plan or program or any health and welfare fund, pla…
Section 8. Where a trust or fund, or its trustees or plan administrator are subject to and comply with the requirements of the law of any other state or the United States, which substantially meets the requirements of this chapter with respect to the registration, filing, examination, statements or reports, the require…
Section 9. In addition to the waiver provisions authorized by section eight, the board, upon the advice and recommendation of the advisory committee, created by section seventeen, may grant a waiver of the requirements of section thirteen under terms and conditions set by the board upon a showing that a pension plan or…
Section 10. Nothing in this chapter shall be construed to relieve the trustee or plan administrator of any trust or fund from compliance with any provisions of any other applicable laws of the commonwealth.
Section 11. In addition to any other penalty of punishment otherwise prescribed by law any person or employee, and the president, secretary, and treasurer, or officers exercising corresponding functions, of a corporation which is an employer, who is party to an agreement to pay or provide the contributions or benefits…
Section 12. (a) Every trustee or plan administrator subject to the provisions of this chapter, who is responsible for or who is delegated to be responsible for the funds of a trust or fund shall be bonded as herein provided; the amount of such bond shall be fixed at the beginning of each calendar, policy or other fisca…
Section 13. All plans filed for registration under this chapter with twenty-five or more participants shall provide a statutory vested benefit. Any trust or fund which subsequent to registration has fewer than twenty-five participants shall continue to comply with the provisions of this section. Notwithstanding any pro…
Section 14. In the absence of an acceptable method of termination of a pension plan benefits will be allocated to participants and their beneficiaries in the following order:— First, to provide for a refund to each participant of his contribution, if any, plus credited interest in excess of any benefits paid or to be p…
Section 15. The attorney general may at the request of the board, maintain and prosecute an action against a trustee or plan administrator subject to this chapter for the purpose of obtaining an injunction restraining such persons from doing any act in violation of this chapter. If the court finds that a defendant is t…
Section 16. Trustees shall invest the funds of their pension plans and profit-sharing retirement plans and manage said affairs in accordance with the provisions contained in the instruments under which they are acting, or, in the absence of any such provisions shall invest the funds and manage fund affairs with the car…
Section 18. If any provision of this chapter as the application of such provision of any person or circumstance is held invalid or is pre-empted by federal law, the remainder of this chapter and the application of such provision to other person or circumstances shall not be affected.