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ACTS
OF 2003 |
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Section
128 of Chapter 46 of
the Acts of 2003: Local
Option: Unfunded Pension
Liability "Holiday"
Provision
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| Section
128 of Chapter 46
of the Acts of 2003 |
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Provides
for Local Acceptance
of a "Holiday"
for Providing Certain
Payments to Fund
Unfunded Pension
Liabilities |
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Summary:
This
Section allows
a city, town,
district or authority
upon acceptance
to reduce their
unfunded liability
appropriations
in 2004 and 2005.
Conditions
are:
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- Appropriation
cannot be less
than normal
cost.
- Appropriation
cannot be reduced
by more than
the amount by
which a city
or town was
reduced in local
aid payments,
either in the
aggregate or
only the amounts
appropriated
for the purposes
of lottery aid
and additional
assistance in
the aggregate,
received pursuant
to section 3
of Chapter 184
of the Acts
of 2002, as
further reduced
pursuant to
Section 3 of
the Acts of
Chapter 26 of
the Acts of
2003.
- No
city or town
may implement
without approval
of DOR and PERAC.
- No
city or town
can implement
if it has available
a special statutory
emergency reserve
that requires
at least a balance
of 2.5% of prior
year non-school
departmental
appropriations
and said balance
is fully unexpended.
- Board
must notify
local legislative
body of the
estimated impact
of future appropriations.Accepting
unit must notify
actuary who
shall issue
a revised appropriation
letter.
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