Amendment ID: S2321-1-R4

4th Redraft Amendment 1

Opt-In Clause

Messrs. Hedlund, Donnelly, Montigny, Brownsberger and Tarr move to amend the amendment by striking Section 7 in its entirety and inserting in place thereof the following:-

SECTION 7. Governmental units of the Plymouth County Contributory Retirement System will have 120 days from the date of passage of this Act to affirmatively opt-in to the bond issuance. To affirmatively opt-in to the bond issuance, a city or a town, by two-thirds vote as defined in section 1 of chapter 44 of the General Laws, shall authorize the selectmen of a town or the mayor or manager of a city to notify the Plymouth County Retirement Board that it will participate in the pension funding bond program.  To affirmatively opt-in to the bond issuance, the authorized agent of any governmental unit not a city or town shall notify the Plymouth County Retirement Board that it will participate in the pension funding bond program.

Any government unit that does not opt in to the bond issuance shall remain liable for the debts it owes to the Plymouth County Contributory Retirement System.

Government units that do not opt in to the bond issuance shall not be liable for additional costs or debts incurred from the issuance of pension obligation bonds.