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Budget Summary FY2013

Outside Section 65
Data Current as of:  7/7/2012




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Retirement allowances

SECTION 65.   Said section 101 of said chapter 32, as so appearing, is hereby further amended by adding the following paragraph:-

Any retirement system may accept the supplemental annual allowance, provided for by this paragraph and fixed at the rate of $12,000, by a majority vote of the board of each such system, subject to the approval of the legislative body. Acceptance shall be deemed to have occurred upon the filing of a certification of such votes with the commission. For purposes of this section, the state teachers' and state employees' retirement systems shall be deemed to have accepted this paragraph.