SENATE, No. 1651

By Mr. Tisei, a petition (accompanied by bill, Senate, No. 1651) of Richard R. Tisei and David Holway for legislation relative to funding local and regional retirement boards. 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 funding local and regional retirement boards

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. Section 22 of chapter 32 of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting in line 14, after the words “therein.”, the following new sentence:-

Notwithstanding any general or special law to the contrary, the assets of each system that has a rate of return over the last five years as determined by PERAC that is one quarter of one per cent less than the PRIT rate of return over the same period shall forward all of its assets to said PRIT fund for investment.