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. The Swampscott retirement system is hereby authorized and directed to adopt a funding schedule under the provisions of subdivision (1) of section twenty-two D of chapter thirty-two of the General Laws; provided, however, that the public employee retirement administration shall not impose a cost of benefits standard to be used in determining said funding schedule; provided, further, that said schedule may only be disapproved by the actuary if said schedule does not meet the actuarial standards established under said subdivision (1) of said section twenty-two D of said chapter thirty-two.
SECTION 2. This act shall take effect upon its passage.