HOUSE DOCKET, NO. 3126        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3299

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

James J. O'Day

_________________

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 regarding pension ratio of the funding system.

_______________

PETITION OF:

 

Name:

District/Address:

Date Added:

James J. O'Day

14th Worcester

1/20/2017

Daniel M. Donahue

16th Worcester

1/31/2017

Carlos González

10th Hampden

2/3/2017


HOUSE DOCKET, NO. 3126        FILED ON: 1/20/2017

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 3299

By Mr. O'Day of West Boylston, a petition (accompanied by bill, House, No. 3299) of James J. O'Day, Daniel M. Donahue and Carlos Gonzalez relative to underperforming pension systems.  Public Service.

 

The Commonwealth of Massachusetts

 

_______________

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

_______________

 

An Act regarding pension ratio of the funding system.

 

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. Sub-section (c1/2) of sub-section (8) of section (22) of Chapter 32 is amended by deleting the third sentence and inserting the following:

Any system found by the commission to have a funded ratio of less than fifty percent and an annual rate of return during the previous ten years that is at least three percentage points less than that of the PRIT Fund rate of return over the same period shall be declared underperforming by the commission.

Section 2. The final sentence of a sub-section (c 1/2) of sub-section (8) of section 22of Chapter 32 is amended by deleting in the final sentence the words:

"Shall be in perpetuity." and inserting:

"May not be revoked for five years."