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 city of New Bedford, the retirement system of said city of New Bedford 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 New Bedford 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. This act shall take effect upon its passage.