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HOUSE DOCKET, NO. 1275         FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2316

 

The Commonwealth of Massachusetts

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PRESENTED BY:

Linda Dorcena Forry

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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 defining regular interest for retirement systems.

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PETITION OF:

 

Name:

District/Address:

Linda Dorcena Forry

12th Suffolk


HOUSE DOCKET, NO. 1275        FILED ON: 1/16/2013

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2316

By Ms. Forry of Boston, a petition (accompanied by bill, House, No. 2316) of Linda Dorcena Forry relative to defining regular interest for retirement systems.  Public Service. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2437 OF 2011-2012.]


The Commonwealth of Massachusetts
 

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In the Year Two Thousand Thirteen

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An Act defining regular interest for retirement 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.  Paragraph (b) of sub-section (6) of section 22 of chapter 32 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by adding at the end thereof the following sentence:--

              For any calendar year beginning subsequent to December thirty-first, two thousand and four, “regular interest” for members of any retirement system shall mean interest credited at a rate of one-half the actuarial assumed rate of investment return for the member’s system. The rate shall be taken to the nearest tenth of one percent.

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