Amendment ID: S44-16

Amendment 16

Additional Payroll Savings Options

Mr. Keenan moves to amend the bill by striking the words “or (iv)” in line 17 and inserting in place thereof the following:-

“(iv) retiring employees in accordance with section 16 of chapter 32 who as of April 27, 2015 are eligible for retirement and whose total normal yearly amount of retirement allowance as of that date, as determined pursuant to said section 5 of said chapter 32, will be equal to four fifths of the average annual rate of his regular compensation received during any period of three consecutive years of creditable service for which such rate of compensation was the highest or on the average annual rate of regular compensation received by such member during the period or periods, whether or not consecutive, constituting his last three years of creditable service preceding retirement, whichever is the greater; or (v)”

And that the bill be further amended by striking the words “and (iv) in lines” 27, 29, and 164, and inserting in place thereof, in each instance, the following:- “, (iv) and (v)”