SECTION 1. Paragraph (c) of section 102 of said chapter 32, as amended by chapter 176 of the acts of 2011, is amended by striking out the dollar amount “$13,000”, as appearing therein, and inserting in place thereof the following dollar amount: - $16,000.
SECTION 2. Subdivision (3) of section 21 of said chapter 32, as appearing in the 2010 Official Edition, is amended by inserting the following paragraph:-
(h) the preparation and filing with the general court, of a report, annually, in the month of March, on the rate of return on investments by the Pension Reserves Investment Management Board during the last previous year and the assumed rate of return on investments by said Board during the two years prior to the last previous year, including a statement whether the return during the last previous year exceeds, by two percent, the average of the assumed rate during the two years prior thereto.
SECTION 3. Paragraph (c) of section 102 of said chapter 32, as amended by chapter 176 of the acts of 2011, is amended by inserting after dollar amount: - $13,000, as appearing therein, the following words:- or such higher dollar amount as determined pursuant to said paragraph (h).
SECTION 4. Section 102 of said chapter 32, as amended by chapter 176 of the acts of 2011, is amended by inserting at the end thereof the following subsection: -
(h) The actuary of the commission shall annually in the month of March file with the clerk of the house of representatives the report prepared in accordance with paragraph (h) of subdivision (3) of section 21. The general court shall thereafter determine if the report allows for an increase in the dollar amount set forth in said paragraph (c) and if so, establish the higher dollar amount to be set forth in said paragraph (c).
SECTION 5. Section 1 of this act shall take effect for cost of living adjustments to be made, in accordance with the provisions of section 102 of said chapter 32, commencing July 1, 2014.
SECTION 6. Sections 2, 3 and 4 of this act shall take effect on January 1, 2015.
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