Session Laws

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. Notwithstanding the acceptance of the provisions of section 22D of chapter 32 of the general laws by the town of Needham retirement system, said Needham retirement system may adopt a funding schedule established under subdivision (1) of said section 22D of said chapter 32 which, notwithstanding the provisions of the first sentence of said subdivision (1) of said section 22D, would set forth total annual payments in any of its first six fiscal years which are less in any such year than the total estimated cost of benefits to be paid in such year for such system or for such other assumed liabilities; provided further however, that notwithstanding such acceptance of said section 22D, said Needham retirement system shall not be subject to the provisions of paragraph (e) of subdivision (4) of said section 22D.

SECTION 2. Notwithstanding the provisions of clause (i) of paragraph (c) of subdivision (7) of said section 22 of chapter 32 of the General Laws or of any other general or special law to the contrary, the amounts determined by the actuary of the public employee retirement administration on or before December fifteenth, nineteen hundred and ninety as the required payments into the pension fund of the Needham Retirement System for the fiscal year commencing July first, nineteen hundred and ninety-one, in accordance with said clause (i), shall be revised in accordance with the amount required in an actuarial funding schedule which fulfills the requirement of section one of this act and has been approved by said actuary. Such revised amount shall be in accordance with an approved actuarial funding schedule; provided, however, that any such schedule shall be submitted to said actuary on or before January fifteenth, nineteen hundred and ninety-two and the resulting revised appropriation shall be issued by said actuary no later than January thirty-first, nineteen hundred and ninety-two.

SECTION 3. This act shall take effect upon its passage.