HOUSE DOCKET, NO. 2894        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2522

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Brendan P. Crighton

_________________

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:

Date Added:

Brendan P. Crighton

Third Essex

1/20/2017

Danielle W. Gregoire

4th Middlesex

 

Paul McMurtry

11th Norfolk

 

Sean Garballey

23rd Middlesex

 

José F. Tosado

9th Hampden

 

Angelo J. Puppolo, Jr.

12th Hampden

 

Brian Murray

10th Worcester

 

Chris Walsh

6th Middlesex

 

Colleen M. Garry

36th Middlesex

 

Todd M. Smola

1st Hampden

 

Harold P. Naughton, Jr.

12th Worcester

 

John C. Velis

4th Hampden

 

Jack Lewis

7th Middlesex

 


HOUSE DOCKET, NO. 2894        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2522

By Mr. Crighton of Lynn, a petition (accompanied by bill, House, No. 2522) of Brendan P. Crighton and others for legislation relative to the cost of living adjustment for public retirees.  Public Service.

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1406 OF 2015-2016.]

 

The Commonwealth of Massachusetts

 

_______________

In the One Hundred and Ninetieth General Court
(2017-2018)

_______________

 

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 chapter 32 of the General Laws, as appearing in the 2014 Official Edition, is amended by striking out in lines 34, 38 and 46 the dollar amount “$13,000”, and inserting in place thereof the following words: - $14,000 in fiscal year 2018, $15,000 in fiscal year 2019 and $16,000 in fiscal year 2020.

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

(k) Beginning March 2020 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 2020 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).