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 acceptance of the provisions of section twenty-two D of chapter thirty-two of the General Laws by the City of Boston and the State-Boston retirement system, said State-Boston retirement system may adopt a funding schedule established under subdivision (1) of said section twenty-two D of said chapter thirty-two which, notwithstanding the provisions of the first sentence of said subdivision (1) of said section twenty-two D, 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.
SECTION 2. In order to revise the total annual payments to the State-Boston retirement system for the fiscal year commencing July first, nineteen hundred and ninety-one, the actuary of the public employee retirement administration shall use the most recent actuarial funding schedule available from said system; provided, however, that an updated schedule may be submitted to the actuary by November first, nineteen hundred and ninety-one, or within ten days after the passage of this act, whichever is later.
SECTION 3. Notwithstanding the provisions of clause (i) of paragraph (c) of subdivision (7) of section twenty-two of said chapter thirty-two 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 and pension reserve fund of the State-Boston retirement system for the fiscal year commencing July first, nineteen hundred and ninety-one, in accordance with said clause (i), shall be revised in accordance with the amount required in an actuarial funding schedule which fulfills the requirements of sections one and two of this act and has been approved by said actuary. The approved funding amount shall be issued by said actuary no later than December fifteenth, nineteen hundred and ninety-one, or within thirty days after the passage of this act, whichever is later.
SECTION 4. This act shall take effect upon its passage.