SECTION 1. Paragraph (c) of section 102 of chapter 32 of the General Laws, as appearing in the 2016 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 2021, $15,000 in fiscal year 2022 and $16,000 in fiscal year 2023.".

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

"(k) Beginning March 2023 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 2023 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).".