Section 1.  Section 20 of Chapter 32 of the General Laws is hereby amended by adding the following paragraph:-

(4 7/8 C) No employee, contractor, vendor or any person receiving any remuneration, financial benefit or consideration of any kind, other than a retirement benefit or the statutory stipend for serving on the retirement board, from a retirement board or from any person doing business with a retirement board shall be eligible to serve on a retirement board provided, however, that an employee of a retirement board may serve on a retirement board other than the retirement board by which he or she is employed and provided, further, that the provisions of this paragraph shall apply only to individuals who first become members of a retirement board on or after January 1, 2012.

Section 2.  Paragraph (b) of Section 19 of Chapter 34B of the General Laws as appearing in the 2008 Official Edition, is hereby amended in line 14 by inserting the following after the word “32”:-

provided that no employee, contractor, vendor or person receiving any remuneration, financial benefit or consideration of any kind, other than a retirement benefit or the statutory stipend for serving on the retirement board, from a retirement board or from any person doing business with a retirement board shall be eligible to serve on a retirement board provided, however, that an employee of a retirement board may serve on a retirement board other than the retirement board by which he or she is employed and provided, further, that the provisions of this paragraph shall apply only to individuals who first become members of a retirement board on or after January 1, 2012.

Section 3.  Paragraph (a) of Section 19A of Chapter 34B of the General Laws, as inserted by Section 33 of Chapter 131 of the Acts of 2010, is hereby amended in line 2 by inserting the following after the word “32”:-

provided that no employee, contractor, vendor or person receiving any remuneration, financial benefit or consideration of any kind, other than a retirement benefit or the statutory stipend for serving on the retirement board, from a retirement board or from any person doing business with a retirement board shall be eligible to serve on a retirement board provided, however, that an employee of a retirement board may serve on a retirement board other than the retirement board by which he or she is employed and provided, further, that the provisions of this paragraph shall apply only to individuals who first become members of a retirement board on or after January 1, 2012.