The Massachusetts Legislature has less than one month to approve a bill that would merge the state's employees and teachers funds, which combined would create a fund with more than $17 billion in assets. Several separate bills are moving through the Legislature that would merge the two funds, said Scott Henderson, general counsel for the employees fund. Most recently, Republican Gov. William F. Weld vetoed a bill that postponed the merger until April 1997, pending a study, hearings and beneficiary notification.
One bill has passed the House and is sitting in the Senate Ways and Means Committee, Mr. Henderson said, adding a cost savings study is expected to be completed by the funds in mid-July. This leaves less than a month to pass a bill because the legislative session closes July 31.