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."
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.