By Representative Kaufman of Lexington and Senator Havern, joint petition (accompanied by bill, House, No. 4140) of Jay R. Kaufman  and others (by vote of the town) that the town of Arlington be authorized to extend the retirement system funding schedule and providing for the deposit of certain funds into the post-employment benefit trust fund of said town. Public Service. [Local Approval Received.]

The Commonwealth of Massachusetts

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PETITION OF:

Jay R. Kaufman

Robert A. Havern

William N. Brownsberger

J. James Marzilli, Jr.

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In the Year Two Thousand and Seven.

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An Act extending the funding schedule required to reduce the town of Arlington's acturial liability calculated to fully fund its retirement obligation and to divert funds into its other post employment benefits trust fund

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

ARTICLE 26                                                                   HOME RULE LEGISLATION/PENSION

       FUNDING PROGRAM

VOTED:                (STANDING VOTE - 73 IN THE AFFIRMATIVE AND 53 IN THE NEGATIVE)

That the Town hereby requests and authorizes the Board of Selectmen to file home rule legislation substantially as follows:

“AN ACT EXTENDING THE FUNDING SCHEDULE REQUIRED TO REDUCE THE TOWN OF ARLINGTON’S ACTUARIAL LIABILITY CALCULATED TO FULLY FUND ITS RETIREMENT OBLIGATION AND TO DIVERT FUNDS INTO ITS OTHER POST-EMPLOYMENT BENEFITS TRUST FUND.

Section 1.  Notwithstanding any special or general law to the contrary including without limitation Section 22D of Chapter 32 of the General Laws, the Retirement Board of the Town of Arlington and the Town may extend its retirement system funding schedule calculated to reduce the unfunded actuarial liability of the system to zero from June 30, 2023 to June 30, 2028 and that the difference between its funding liability that would have been necessary to reduce its liability to zero by 2023 rather than 2028 may be appropriated by the Town Meeting after recommendation of the Board of Selectmen, Finance Committee and Treasurer to the Other Post-Employment Benefit Trust Fund established by the provisions of Chapter 161 of the Acts of 2005.

                                Section 2.  This Act shall take effect upon its passage.”

A true copy of the vote under

Article 26 of the Warrant for the

Annual Town Meeting of the

Town of Arlington at the session held

May 2, 2007.

ATTEST:

TOWN CLERK