SENATE DOCKET, NO. 181        FILED ON: 1/14/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1406

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Marc R. Pacheco

_________________

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 public retirees.

_______________

PETITION OF:

 

Name:

District/Address:

Marc R. Pacheco

First Plymouth and Bristol

Sal N. DiDomenico

Middlesex and Suffolk

Michael D. Brady

Second Plymouth and Bristol

Tricia Farley-Bouvier

3rd Berkshire


SENATE DOCKET, NO. 181        FILED ON: 1/14/2015

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1406

By Mr. Pacheco, a petition (accompanied by bill, Senate, No. 1406) of Marc R. Pacheco, Michael D. Brady and Tricia Farley-Bouvier for legislation relative to the cost of living adjustment for public retirees.  Public Service.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1263 OF 2013-2014.]

 

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 public 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 (c) of section 102 of said chapter 32, as appearing in the 2012 Official Edition, is amended by striking out in lines 32, 36 and 43 the dollar amount “$13,000”, and inserting in place thereof the following words: - $14,000 in fiscal year 2016, $15,000 in fiscal year 2017 and $16,000 in fiscal year 2018.

SECTION 2.  Subdivision (2A) of section 23 of said chapter 32, as so appearing, is amended by inserting the following paragraph:-

(k) Beginning March 2018 and each March thereafter, the PRIM board shall file with the clerk of the house of representatives a report on the average rate of return on investments by the board during the last two previous years, including a statement whether the average rate of return during the last two previous years exceeds, by two percent, the average of the assumed rate of return for those two years.

SECTION 3.  Section 102 of said chapter 32, as so appearing, is amended by inserting at the end thereof the following paragraph: -

(h) Beginning March 2018 and each March thereafter, the PRIM board shall file with the clerk of the house of representatives the report prepared in accordance with paragraph (k) of subdivision (2A) of section 23. If said report states that the average rate of return on investments during the last two previous years exceeds, by two percent, the average of the assumed rate of return for those two years, the general court shall then determine if an increase in the dollar amount set forth in said paragraph (c) is appropriate and if so, establish the higher dollar amount to be set forth in said paragraph (c).