Section 1. Chapter 192 of the Acts of 2014 is hereby amended by striking sections 2 and 3 and
inserting the following:
Section 2. Within 60 days after the effective date of the provisions of this act, the Norfolk county retirement system shall submit a request to the Public Employee Retirement Administration Commission seeking a legal determination from the Commission’s tax counsel on whether this act may be implemented without impairing the compliance of the Norfolk county retirement system or the public employee retirement administration commission with the Internal Revenue Code of 1986 as qualified pension systems. The Norfolk county retirement system shall submit all relevant and necessary documentation to the Commission to assist in responding to the request.
Section 3. (a) Section 1 shall not take effect unless the Public Employee Retirement Administration Commission receives a favorable letter of determination or a ruling from the Commission’s tax counsel, which states that the purchase of service time described in this section shall not result in noncompliance of the Norfolk county retirement system or the public employee retirement administration commission with the Internal Revenue Code of 1986. (b) Within 60 days after receiving a favorable letter of determination or ruling from the Public Employee Retirement Administration Commission, the Norfolk county retirement system shall notify the members of their eligibility for and the costs associated with this purchase of service. Within 120 days after receiving notification of eligibility, members shall purchase the service in 1 lump sum or enter into an installment agreement to pay for the service.
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