Amendment #474 to H3400

Public Higher Education Optional Retirement Plan Correction

[Sponsors] Mr. Garballey of Arlington moves to amend the bill by inserting at the end thereof the following new sections:-

SECTION ___. The definition of “Regular compensation” in section 1 of chapter 32 of the General Laws, as most recently amended by section 23 of chapter 131 of the acts of 2010, is hereby further amended by striking out the second sentence in the third paragraph and replacing it with the following new sentence:-

“After September 1, 2011, faculty, librarians and administrators in public higher education who are eligible for the state employees’ retirement system shall not be prohibited from participating in the optional retirement program pursuant to the provisions of chapter 15A section 40.”

SECTION ___. Section 40 of chapter 15A of the general laws is hereby amended by inserting in the first sentence of subsection 2(b)(i) after the word “writing” the following:-

“, or in another form acceptable to the council,”

Said section 40 is hereby further amended by inserting in the first sentence of subsection 2(b)(ii) after the word “writing” the following:-

“, or in another form acceptable to the council,”

Said section 40 is hereby further amended by inserting in the first sentence of subsection 2(b)(iii) after the word “writing” the following:-

“, or in another form acceptable to the council,”