By Mr. Kaufman of Lexington, petition (accompanied by bill, House, No. 2608) of Jay R. Kaufman and others relative to accumulated interest for employees leaving service prior to vesting in the public employee retirement system .  Public Service.

The Commonwealth of Massachusetts

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PETITION OF:

Jay R. Kaufman

Frank I. Smizik

Alice K. Wolf

John P. Fresolo

Todd M. Smola

Mary S. Rogeness

Richard T. Moore

Gloria L. Fox

Rachel Kaprielian

Michael W. Morrissey

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In the Year Two Thousand and Seven.

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An Act relative to accumulated interest for employees leaving service prior to vesting. .

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Chapter 32 Section 11 subsection (1) paragraph (a), as appearing in the 2004 Official Edition, is hereby amended by striking out the word “zero” in line 13 and inserting “one-half the actuarial assumed interest rate of the member’s retirement system”.

Chapter 32 Section 11 subsection (1) paragraph (a), is further amended by in line 18 striking “fifty percent of the rate of regular interest otherwise payable” and inserting “one-half the actuarial assumed interest rate of the member’s retirement system”.