Amendment #255 to H4200
Essex Regional Retirement System
Representatives Hill of Ipswich, Jones of North Reading and Speliotis of Danvers move to amend the bill in section 2, by inserting after item 7010-0005, the following new item:
“7010-xxxx For a reimbursement reserve to be administered by the executive office for administration and finance; provided, that the reserve shall be used to make a one-time payment to the Essex Regional Retirement System to mitigate unfunded pension liabilities related to Chapter 463 of the Acts of 2004.”
;and further by adding the following new sections:
“SECTION XX. Section 14 of Chapter 463 of the Acts of 2004 is hereby amended by inserting the following after the word “act”:-
“Commencing on July 1, 2016, and on July first of each year thereafter, the district shall annually reimburse the Essex Regional Retirement System the amounts required, as determined and certified by the actuary employed by the Public Employee Retirement Administration Commission, for the Pension Fund, the special fund for military service credit and the expense fund described in subdivision (8)(c) of section 3 and subdivisions (3), (4), (5) and (8) of section 22 of chapter 32 of the General Laws, as so appearing, for the liability attributable to the former Essex Independent Agricultural and Technical Institute as of June 30, 2014. For the purpose of this paragraph, the amounts required as herein defined shall be considered the district’s appropriation to the Essex Regional Retirement System. The district’s annual appropriation to the Essex Regional Retirement System shall be apportioned to the member municipalities as described in Section 10 of this act.”
SECTION XX. Chapter 463 of the Acts of 2004 is further hereby amended by inserting after Section 14 the following new section:-
Section 14A. If any member municipality fails to include an amount so certified in its budget for such fiscal year, the assessors or other taxing authorities shall nevertheless include such amounts in the next tax levy. All amounts so certified pursuant to section 14, as amended, shall be a legal obligation of the district and may be recovered in an action of contract by the Essex Regional Retirement Board.”.