Budget Amendment ID: FY2012-S3-24

OTH 24

Outside Sect. 39- Pension Liability Fund

Ms. Creem moved that the proposed new text be amended  in Section 39, by inserting at the end thereof:-

"section 22C of  Chapter 32 of the General Laws is hereby amended by inserting at the end thereof:

(x) Stabilization Fund Transfer.  Notwithstanding any general or special law to the contrary, in any year in which the Commonwealth Stabilization Fund receives deposits from the General Appropriation, the budget surplus and the excess capital gains revenue of that fiscal year, totalling in excess of 2.5 percent of the General Appropriation of the prior fiscal year, at least 50 percent of that excess amount shall be transferred to the Commonwealth's Pension Liability Fund. Such transfer shall be applied toward the last payment due to fully fund the pension liability, and shall not be considered in the actuarial tables used to calculate the funding schedule.