HOUSE DOCKET, NO. 4188        FILED ON: 3/20/2009

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 615

The Commonwealth of Massachusetts

_______________

In the Year Two Thousand Nine

_______________

An Act to modify pension funding system..

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.