HOUSE DOCKET, NO. 818        FILED ON: 1/13/2025

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The Commonwealth of Massachusetts

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PRESENTED BY:

Dennis C. Gallagher

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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 funding contributions under State/Teachers' and Local Pension Systems.

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PETITION OF:

 

Name:

District/Address:

Date Added:

Dennis C. Gallagher

8th Plymouth

1/13/2025


HOUSE DOCKET, NO. 818        FILED ON: 1/13/2025

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[Pin Slip]

 

The Commonwealth of Massachusetts

 

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In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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An Act relative to funding contributions under State/Teachers' and Local Pension Systems.

 

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.  Section 22C of chapter 32 of the General Laws is hereby amended by inserting at the end thereof the following new subdivision:-

(5) In each fiscal year that there is no unfunded commonwealth pension liability the comptroller shall transfer from the General Fund, without further appropriation, to the Commonwealth’s Pension Liability Fund an additional amount that equals the normal cost of all future benefits for which the commonwealth is obligated in said fiscal year.

SECTION 2.  Section 22D of chapter 32 of the General Laws is hereby amended by inserting at the end thereof the following new subdivision:-             

(12) In the event that the unfunded pension liability of a system is reduced to zero in a fiscal year, the system’s funding schedule shall be designed to require an additional appropriation in said fiscal year to the pension reserve fund that equals the normal cost of all future benefits for which the system is obligated in said fiscal year.

SECTION 3.  The provisions of this act shall take effect on July 1, 2025.