By Ms. Jehlen, a petition (accompanied by bill, Senate,
No. 1516) of Patricia D. Jehlen for legislation relative
to interest return on pension contributions. Public
Service. |
By Ms. Jehlen, a petition (accompanied by bill, Senate,
No. 1516) of Patricia D. Jehlen for legislation relative
to interest return on pension contributions. Public
Service. |
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. 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”.
