SECTION 1. Notwithstanding paragraph (b) of subdivision (8) of section 3 of chapter 32 of the General Laws or any other general or special law to the contrary, a member who did not pay or make provisions for repayment in installments, into the annuity saving fund of the system, make-up payments of an amount equal to the accumulated regular deductions withdrawn by the member, together with buyback interest, within 1 year from the date of reinstatement or re-entry or within 1 year after April 2, 2012, whichever is later, and whose creditable service predates January 1, 1986, shall not be required to pay actuarial interest; provided, further that the public employee retirement administration commission shall prescribe and supervise appropriate and timely notice to all members whose financial interests in the retirement system shall be directly and substantially impacted by statutory amendments made to said chapter 32. For purposes of this act, appropriate and timely notice shall include notice sent by certified mail at least 10 days before the effective date of any statutory amendment to said chapter 32 that shall so affect the members.
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