Session Laws

Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for a cost-of-living adjustment for state and municipal retirees, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

In accordance with the provisions of section one hundred and two of chapter thirty-two of the General Laws, the retirement allowance, pension, or annuity of every former employee of the commonwealth or any county, city, town, district, housing or redevelopment authority, the Massachusetts Turnpike Authority, the Massachusetts Port Authority, the Blue Hills Regional Vocational School System, the Greater Lawrence Sanitary District, the Minuteman Regional Vocational Technical School District or of the spouse or other beneficiary of any former employee who is receiving a retirement allowance, pension or annuity shall, beginning January first, nineteen hundred and ninety-two, be increased by five percent; provided, however, that the fiscal year nineteen hundred and ninety-two costs of reimbursing local retirement systems for such cost-of-living adjustment shall be made from the commonwealth's share of the deposits in the Pension Reserve Investment Trust Fund, as authorized by the second paragraph of paragraph (a) of subdivision (8)(i) of section twenty-two of chapter thirty-two of the General Laws; and provided, further, that no individual retiree shall receive an increase greater than four hundred and fifty dollars annually.