SENATE DOCKET, NO. 655        FILED ON: 1/15/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1362

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Jennifer L. Flanagan

_________________

To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to the cost of living adjustment for local retirees.

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PETITION OF:

 

Name:

District/Address:

Jennifer L. Flanagan

Worcester and Middlesex

Stephen L. DiNatale

3rd Worcester


SENATE DOCKET, NO. 655        FILED ON: 1/15/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1362

By Ms. Flanagan, a petition (accompanied by bill, Senate, No. 1362) of Jennifer L. Flanagan and Stephen L. DiNatale for legislation relative to the cost of living adjustment for local retirees.  Public Service.

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Eighty-Ninth General Court
(2015-2016)

_______________

 

An Act relative to the cost of living adjustment for local retirees.

 

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. Paragraph (b) of section 103 of said chapter 32, as appearing in the 2012 Official Edition, is amended in line 24 by inserting after the word “commission’ the following words: - and to pay an annual cost of living increase of 3 per cent on a base amount of no less than $12,000.

SECTION 2.  Paragraph (c) of section 103 of said chapter 32, as so appearing, is amended in line 36 by inserting after the word “action” the following words: - ;provided, however, that a board shall not deny a cost of living increase if the average rate of return on investments during the last two previous years equals or exceeds the average of the assumed rate of return for those two years.