HOUSE DOCKET, NO. 4376        FILED ON: 5/29/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 4124

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act to modify pension funding systems..

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. Subsection (1) of section 22D of chapter 32 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting, after the fourth paragraph, the following paragraph:-

To alleviate the financial burden on a city, town or other public entity that has accepted the provisions of this section, the retirement board of such entity may vote to extend the period of the funding schedule upon the completion of an actuarial valuation report and the acceptance of such report and the ratification of such vote by the commission.