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Budget Summary FY2012

Outside Section 46
Data Current as of:  7/11/2011




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Pension Funding Schedule

SECTION 46.   Subdivision (1) of said section 22C of said chapter 32 is hereby amended by striking out the last paragraph, as appearing in section 23 of chapter 27 of the acts of 2009, and inserting in place thereof the following paragraph:-

Notwithstanding any general or special law to the contrary, appropriations or transfers made to the Commonwealth's Pension Liability Fund in fiscal years 2012 to 2017, inclusive, shall be made in accordance with the following funding schedule: $1,478,000,000 in fiscal year 2012, $1,552,000,000 in fiscal year 2013, $1,630,000,000 in fiscal year 2014, $1,727,000,000 in fiscal year 2015, $1,831,000,000 in fiscal year 2016 and $1,941,000,000 in fiscal year 2017. Notwithstanding any provision of this subdivision to the contrary, any adjustments to these amounts based on the next triennial funding schedule shall be limited to increases in the schedule amounts for each of the specified years.