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 twenty-two D of chapter thirty-two of the General Laws by the retirement system of the city of Chelsea, said Chelsea retirement system may adopt a funding schedule established under subdivision (1) of said section twenty-two D of said chapter thirty-two which, notwithstanding the provisions of the first sentence of said subdivision (1) of said section twenty-two D, 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.

SECTION 2. Notwithstanding the provisions of clause (i) of paragraph (c) of subdivision (7) of section twenty-two of chapter thirty-two of the General Laws or 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-one as the required payments into the pension fund of the retirement system of the city of Chelsea for the fiscal year commencing July first, nineteen hundred and ninety-two, 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 December first, nineteen hundred and ninety-two and the resulting revised appropriation shall be issued by said actuary no later than December fifteenth, nineteen hundred and ninety-two.

SECTION 3. Notwithstanding the provisions of chapter thirty-two of the General Laws or any other general or special law to the contrary, and upon the acceptance of this act by the receiver of the city of Chelsea the provisions of this act providing for a retirement program for municipal employees of the city of Chelsea shall apply to an employee who is a Group 1, Group 2, or Group 4 employee as defined in section three of said chapter thirty-two, who is a member of the retirement system of the city of Chelsea and who (i) shall be an employee of the city of Chelsea on the effective date of this section, (ii) shall be eligible to receive a superannuation retirement allowance in accordance with the provisions of subdivision (1) of section five or subdivision (1) of section ten of said chapter thirty-two upon the effective retirement date specified in his written application to said board and (iii) shall have filed a written application after July first, nineteen hundred and ninety-two, but no later than July thirty-first, nineteen hundred and ninety-two to retire for superannuation as of the date which shall be specified in such application; provided, however, that said date for retirement shall be no earlier than July first, nineteen hundred and ninety-two and no later than forty-five days after the acceptance of this act by the receiver. Said program shall be administered by said retirement system of said city of Chelsea, which shall also promulgate regulations in consultation with the receiver to implement the provisions of said program.

An employee who is eligible for said retirement program in accordance with the provisions of this act may request in his application for retirement that said city of Chelsea retirement board credit him with additional retirement benefits in accordance with the provisions of this act; provided, however, that each such employee shall request and receive up to a combination of years of creditable service and years of age, the sum of which shall not be greater than five years, for the purpose of determining his superannuation retirement allowance pursuant to the provisions of paragraph (a) of subdivision (2) of section five of chapter thirty-two of the General Laws.

For the purpose of this act words shall have the same meanings as in chapter thirty-two of the General Laws, unless otherwise expressly provided or unless the context clearly requires otherwise. An employee who retires and receives an additional benefit in accordance with the provisions of this act shall be deemed to be retired for superannuation under the provision of said chapter thirty-two and shall be so subject to any and all provisions of said chapter thirty-two.

The total normal yearly amount of the retirement allowance, as determined in accordance with the provisions of section five of said chapter thirty-two, of any employee who retires and receives an additional benefit under the retirement incentive program for employees of said city of Chelsea in accordance with the provisions of this act shall not exceed four-fifths of the average annual rate of his regular compensation received during any period or periods of three consecutive years of creditable service for which the rate of compensation was the highest or on the average annual rate of his regular compensation received during the period or periods, whether or not consecutive, constituting his last three years of creditable service preceding retirement, whichever is greater.

The commissioner of the public employee retirement administration shall analyze, study, and valuate the costs and the actuarial liabilities attributable to the additional benefits payable in accordance with the provisions of this act; provided, that said commissioner shall file a report in writing of his findings to the Chelsea retirement board on or before December thirty-first, nineteen hundred and ninety-three, and shall send a copy thereof to the receiver; provided, further, that said report shall be filed with the joint committee on public service on or before December thirty-first, nineteen hundred and ninety-three.

SECTION 4. This act shall take effect upon its passage.