SECTION 1.  Notwithstanding any general or special law to the contrary, The Massachusetts Teachers' Retirement System shall recognize as “pensionable” any “enhanced longevity buy-out option” or similar “extended service compensation” benefit permitted in a collective bargaining agreement or an individual contract, provided that:

                1. the collective bargaining agreement or individual contract that authorizes the “enhances longevity buy-out option” or “extended service compensation” benefit shall have been in effect on or before January 25, 2006; and

                2. that the employee begins to receive said benefit during the term of the collective bargaining agreement or individual contract that was in effect on or before January 25, 2006.

                If the collective bargaining agreement took effect after January 25, 2006, The Massachusetts Teachers' Retirement System shall recognize as “pensionable” any “enhanced longevity buy-out option” plan or similar “extended service compensation” benefit provided that:

                1. the collective bargaining agreement or individual contract continues the same “enhanced longevity buy-out option” or “extended service compensation” benefit as that provided in the collective bargaining agreement in effect on January 25, 2006; and

                2. the employee shall have notified his school district of his intent to collect said benefit on or before January 25, 2006 in writing received by the district; and

                3. that the employee shall have begun collecting said “enhanced longevity buy-out option” or “extended service compensation” benefit on or before September 31, 2006.

                SECTION 2. This act shall take effect upon its passage.