The Commonwealth of Massachusetts
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PETITION OF:
The Commonwealth of Massachusetts
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PETITION OF:
Todd M. Smola
John P. Fresolo
Mary S. Rogeness
Michael R. Knapik
Douglas W. Petersen
John W. Scibak
Louis L. Kafka
James B. Eldridge
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In the Year Two Thousand and Seven.
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An Act to establish healthcare liability funds for the Commonwealth. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
Chapter 32A of the General Laws, as so appearing, is amended
by inserting at the end thereof the following new section:—
Section 24. The commission shall establish and update triennially a retiree healthcare funding schedule which shall commence on the fiscal year beginning on July first, two thousand and seven and shall be designed, consistent with standards issued by the governmental accounting standards board, to reduce the unfunded post-employment benefits to zero as of an actuarially acceptable period of years and to meet the normal cost of all future such benefits for which the commonwealth is obligated. Said schedule and any further updates thereto shall be reviewed by the senate committee on ways and means and approved by the house committee on ways and means.
Notwithstanding any general or special law to the contrary, there shall be a retiree healthcare liability fund, to be administered by the pension reserves investment management board, in accordance with the provisions of section 23 of chapter 32, for the purpose of depositing, investing and disbursing amounts set aside to meet the liabilities set forth in the retiree healthcare funding schedule and any future updates thereto. In each fiscal year, there may be an appropriation made to the retiree healthcare liability fund as required by the retiree healthcare funding schedule and any future updates thereto. Any federal reimbursements, that the commonwealth receives as a participant in the retiree drug subsidy program created under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (Pub. L. No. 108-173), and any transfers, authorized in section 3 of chapter 29D, shall be deposited in said fund.