Budget Amendment ID: FY2016-S3-204

TRP 204

Retirement Fund

Messrs. Tarr, Ross, deMacedo, Moore and Humason moved that the proposed new text be amended by inserting before SECTION 4 the following  new section:–

"SECTION __.  Section 7 of chapter 4 of the General Laws, as amended by section 219 of chapter 38 of the acts of 2013, is hereby amended by inserting after the words, “chapter 32,” the following words:– or the Massachusetts Bay Transportation Retirement Fund or any successor entity that receives funds from the Massachusetts Bay Transportation Authority to pay or administer pension benefits for current or former Massachusetts Bay Transportation Authority employees.;

And move to further amend by inserting after section 79 the following new section:-

SECTION 79A.   Notwithstanding the provisions of any general or special law, the Massachusetts Bay Transportation Authority, or any successor, shall not enter into an agreement to establish or amend existing retirement or pension benefits, nor shall it pay any money associated with said benefits for any new hire until the entity responsible for the administration and payment of said benefits is subjected to, and cooperates fully with, a complete, annual, and independent audit, according to standards established by the governmental accounting standards board.  The report of the independent auditor required by this section shall be a public record under clause 26 of section 7 of chapter 4."