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HOUSE DOCKET, NO. 2180         FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2466

 

The Commonwealth of Massachusetts

_________________

PRESENTED BY:

Bradley H. Jones, Jr.

_______________

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 pension fund investments for cities and towns.

_______________

PETITION OF:

 

Name:

District/Address:

Bradley H. Jones, Jr.

20th Middlesex

Donald F. Humason, Jr.

4th Hampden

F. Jay Barrows

1st Bristol

Sheila C. Harrington

1st Middlesex

Steven L. Levy

4th Middlesex

George N. Peterson, Jr.

9th Worcester

Elizabeth A. Poirier

14th Bristol

Viriato Manuel deMacedo

1st Plymouth


HOUSE DOCKET, NO. 2180        FILED ON: 1/20/2011

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 2466

By Mr. Jones of North Reading, a petition (accompanied by bill, House, No. 2466) of Bradley H. Jones, Jr. and others relative to pension fund investments for cities and towns.  Public Service. 

 

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 2475 OF 2009-2010.]


The Commonwealth of Massachusetts
 

_______________

In the Year Two Thousand Eleven

_______________

 

An Act relative to pension fund investments for cities and towns.
 

              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 (c½) of subdivision (8) of section 22 of chapter 32, as inserted by Chapter 68 of the Acts of 2007 and amended by Chapter 25 of the Acts of 2009 and Chapter 112 of the Acts of 2010, is hereby amended by striking out the words “2 percentage points” and inserting in place thereof the following words:-  3 percentage points.

              SECTION 2. Paragraph (c½) of subdivision (8) of section 22 of chapter 32, as amended by Chapter 25 of the Acts of 2009 and Chapter 112 of the Acts of 2010, is hereby further amended by striking out the words “65 per cent,” in the third sentence, inserting in place thereof the following words:- 45 per cent before December 31, 2014 and less than 65 per cent after December 31, 2014

              SECTION 3. Paragraph (b) of subdivision (2) of section 23 of chapter 32 of the General Laws as appearing in the 2008 Official Edition, as amended by Chapters 112 and 240 of the Acts of 2010, is hereby amended by striking out clause (i), and inserting in place thereof the following clause:-

              (i) In securities, other than mortgages or collateral loans, which are legal for the investment of funds of savings banks under the laws of the commonwealth; provided that not more than four per cent of the assets of any such system shall be invested in the bonds of any one public service corporation. A public service corporation is one that provides important services such as water or transportation to the public.

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