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 provisions of chapter thirty-two of the General Laws or any other general or special law to the contrary, the provisions of this section providing for a retirement program for the city of Revere municipal employees 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 city of Revere retirement system and who (i) is an employee of said city of Revere on the effective date of this act; (ii) is 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 the city of Revere retirement board; and (iii) shall have filed a written application after December first, nineteen hundred and ninety-four, but not later than December fifteenth, nineteen hundred and ninety-four to retire for superannuation as of the date which shall be specified in such application; provided, however, that such date for retirement shall be no earlier than December fifteenth, nineteen hundred and ninety-four and not than later December thirty-first, nineteen hundred and ninety-four.

Notwithstanding the foregoing, the provisions of this act shall not be effective until said city of Revere has established a retirement system funding schedule pursuant to the provisions of section twenty-two D of chapter thirty-two of the General Laws or subdivision (6A) of section twenty-two of said chapter thirty-two prior to the effective date of this act or unless said city adopts the provisions of said section twenty-two of said chapter thirty-two after the effective date of this act.

Notwithstanding any provisions of said chapter thirty-two to the contrary, the normal yearly amount of the retirement allowance for an eligible employee of said city of Revere pursuant to the applicable provisions of this act and who has paid the full amount of regular deductions on the total amount of regular compensation as determined under paragraph (a) of subdivision (2) of section five of said chapter thirty-two, shall be based on the average annual rate of regular compensation as determined under said paragraph (a) and shall be computed according to the table contained in said paragraph (a) based on the age of such member and his number of years and full months of creditable service at the time of his retirement increased by up to three years of age or by up to three years of creditable service or by a combination of additional years of age and service the sum of which shall not be greater than three; provided, however, that the mayor of said city of Revere may limit the amount of additional credit for service and the number of employees to be approved for retirement calculated under the provisions of this section; provided, further, that if participation is limited, the retirement of employees with greater creditable service shall be approved before approval is given to employees with lesser creditable service.

For the purpose of this section, 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 section shall be deemed to be retired for superannuation under the provisions 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 in accordance with the provisions of this section shall not exceed four-fifths of the average annual rate of his regular compensation received during any period of the three consecutive years of creditable service for which the rate of compensation was the highest or of the average annual rate of his regular compensation received during the 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 section of the retirement incentive program for said city of Revere municipal employees established by this section for the city of Revere retirement system; provided, however, that said commissioner shall file a report in writing of his findings to said city of Revere retirement board on or before December thirty-first, nineteen hundred and ninety-five.

Said city of Revere retirement board shall prepare a funding schedule which shall reflect the costs and the actuarial liabilities attributable to the additional benefits payable under the retirement incentive program in accordance with the provisions of this section and said schedule shall be designed to reduce the applicable retirement system's additional pension liability attributable to such costs and liabilities to zero on or before June thirtieth, two thousand and ten; provided, however, that in preparing such schedule, the board shall consider the analysis of the commissioner of public employee retirement administration filed in accordance with the provisions of this section; and, provided further, that said board shall triennially update such schedule until said June thirtieth, two thousand and ten. Said board shall file such funding schedule with the joint committee on public service and the house and senate committees on ways and means on or before March first, nineteen hundred and ninety-six, and shall file updates thereto triennially on or before March first of each year. In each of the fiscal years until the actuarial liability determined under this section shall be reduced to zero, it shall be deemed to be an obligation of the city of Revere to fund such liability and there shall be appropriated to the applicable pension reserve fund in each such fiscal year the amount required by the funding schedule and the updates thereto.

SECTION 2. This act shall take effect upon its passage.