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."
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