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.
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