SENATE DOCKET, NO. 520        FILED ON: 1/17/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1627

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 funding ratio of the public employee retirement system.

_______________

PETITION OF:

SENATE DOCKET, NO. 520        FILED ON: 1/17/2023

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 1627

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1674 OF 2021-2022.]

The Commonwealth of Massachusetts

_______________

In the One Hundred and Ninety-Third General Court
(2023-2024)

_______________

An Act relative to the funding ratio of the public employee retirement 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."