SECTION 1. Chapter 70 of the General Laws, as appearing in the 2014 Official Edition, is hereby amended by inserting after section 3A the following new section:-

Section 3B. On or before January 15 the secretary of administration and finance shall meet with the house and senate committees on ways and means to jointly determine an implementation schedule to fulfill the recommendations filed on November 2, 2015 by the foundation budget review commission established under section 4 of chapter 70. The implementation schedule shall establish a foundation budget as defined in section 2 of said chapter 70 for current employee and retiree health insurance costs as recommended in the foundation budget review commission’s final report, over a period of 5 fiscal years; provided, however, that in the first year of the term of office of a governor who has not served in the preceding year the parties shall determine an implementation schedule not later than January 31 of that year. Said schedule of implementation shall not exceed 5 fiscal years and shall in each fiscal year set the appropriation required to fully fund the foundation budget incorporating the aforementioned health insurance costs by fiscal year 2023. In determining the schedule of implementation, the secretary of administration and finance and house and senate committees on ways and means shall hold a public hearing and receive testimony from the commissioner of elementary and secondary education and other interested parties. The schedule may be amended by agreement of the senate and house ways and means committees in any of the 5 fiscal years to reflect changes in enrollment, inflation, student populations, or other factors that would affect the remaining costs in the schedule; provided, however, that the final year of the schedule shall not surpass fiscal year 2023, but the schedule may be fully implemented prior to fiscal year 2023. The implementation schedule shall be included in a joint resolution and placed before the members of the general court for their consideration.  The implementation schedule shall be subject to appropriation.