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Legislative Update

 
     ACTS OF 2003
 

Section 128 of Chapter 46 of the Acts of 2003: Local Option: Unfunded Pension Liability "Holiday" Provision

                  
Section 128 of Chapter 46 of the Acts of 2003    Provides for Local Acceptance of a "Holiday" for Providing Certain Payments to Fund Unfunded Pension Liabilities
  
  


Summary: This Section allows a city, town, district or authority upon acceptance to reduce their unfunded liability appropriations in 2004 and 2005.

Conditions are:

  
  
  • 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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