SENATE, No. 1632

By Mr. Panagiotakos, a petition (accompanied by bill, Senate, No. 1632) of Steven C. Panagiotakos, Thomas A. Golden, Jr., Kevin J. Murphy and David M. Nangle for legislation relative to retirement systems and pension calculations. Public Service.
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The Commonwealth of Massachusetts

Seal of the Commonwealth of Massachusetts

In the Year Two Thousand and Seven.

AN ACT relative to retirement systems and pension calculations

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.  The definition of “Regular compensation” in Section 1 of chapter 32 of the General Laws is hereby amended by striking out the words “Regular compensation”, during any period subsequent to December thirty-first, nineteen hundred and forty-five, shall mean the salary, wages or other compensation in whatever form” and inserting in place thereof the following words:  “Regular compensation”, during any period subsequent to December 31, 1945, shall mean the salary, wages or other compensation in whatever form, excluding any compensation paid in connection with housing, use of motor vehicle, an annuity, travel or any other benefit paid in addition to salary and wages.

Section 2. Said Chapter 32 of the General Laws is hereby amended by adding the following section:-

         Section 104.  Notwithstanding any provision of this chapter to the contrary, for employees who enter the service of the commonwealth or any political subdivision thereof on or after the effective date of this section, the maximum salary upon which retirement allowance may be based shall be $125,000.