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. Section 1 of chapter 32 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by inserting after the definition of "Board" the following definition:-

"Buyback interest", one-half of actuarial assumed interest.

SECTION 2. Section 3 of said chapter 32, as so appearing, is hereby amended by inserting after the word "him", in line 93, the following words:- together with buyback interest to the date of reemployment.

SECTION 3. Said section 3 of said chapter 32, as so appearing, is hereby further amended by striking out, in lines 334, 342, 344, 406, 472 and 473, 533, 576 and 577, 580, 591, 601, 609 and 610, 612, 768, 781, 790, and 792 and 793, the words "regular interest" and inserting in place thereof the following words:- buyback interest.

SECTION 4. This act shall take effect on July 1, 2005.