AN ACT RELATIVE TO THE RETIREMENT SYSTEM OF THE CITY OF WATERTOWN.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the funding schedule developed under the
provisions of subdivision (6A) of section twenty-two of chapter thirty-two of
the General Laws by the retirement system of the city of Watertown, said
retirement system may adopt a funding schedule established under paragraph (b)
of said subdivision (6A) of said section twenty-two of said chapter thirty-two
which, notwithstanding the provisions of the second sentence of said
paragraph (b) of said subdivision (6A) of said section twenty-two of said
chapter thirty-two, would
set forth total annual payments in any of its first six fiscal years which are
less in any such year than the total estimated cost of benefits to be paid in
such year for such system or for such other assumed liabilities; provided,
further, that in each fiscal year the city of Watertown shall appropriate to
the pension fund and pension reserve fund of said retirement system the amount
necessary to fully fund the system pursuant to said schedule.
SECTION 2. Notwithstanding the provisions of clause (i) of
paragraph (c) of subdivision (7) of section 22 of chapter 32 of the General
Laws or any other general or special law to the contrary, the amounts
determined by the actuary of the public employee retirement administration on
or before December fifteenth, nineteen hundred and ninety as the required
payments into the pension fund of the retirement system of the city of
Watertown for the fiscal year commencing July first, nineteen hundred and
ninety-one, in accordance with said clause (i), shall be revised in
with the amount required in an actuarial funding schedule which fulfills the
requirement of section one of this act and has been approved by said actuary.
Such revised amount shall be in accordance with an approved actuarial funding
schedule; provided, however, that any such schedule shall be submitted to said
actuary on or before January fifteenth, nineteen hundred and ninety-two and the
resulting revised appropriation shall be issued by said actuary no later than
January thirty-first, nineteen hundred and ninety-two.
SECTION 3. This act shall take effect upon its passage.