SENATE DOCKET, NO. 618        FILED ON: 1/13/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1165

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act to define surplus for retirement 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. Chapter 32 of the General Laws, as appearing in the 1996 Official Edition, is amended in Section 1 by adding after the definition of “State Official” the following:-

            “Surplus”, any monies in the annuity savings fund of any system, the pension fund of any system, in the pension reserve fund of any system in the PRIT fund, in the expense fund of any system and in the special fund for military service, whether from the regular deductions of members, amounts appropriated by any governmental unit, interest or profits earned by monies in all funds shall be held in contractual trust for the exclusive benefit of the members of each retirement system and any amounts in surplus over the requirements to fund fully each system shall be held in trust for the benefit of the members of each system