Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Notwithstanding the provisions of chapter thirty-two of the General Laws or any other general or special law to the contrary, the town of Ipswich is hereby authorized, subject to appropriation by a town meeting, to establish an individual, non-contributory annuity for the benefit of John C. Thomas. The income generating value of said annuity would approximate the difference between the pension for which said John C. Thomas is currently qualified, without early retirement incentive, and that pension he would be eligible to receive if said town accepted the early retirement provisions of a general or special law, and the board of selectmen of said town adopted a "rule of five", and said John C. Thomas made timely application for early retirement under said law. Said annuity shall be subject to the following conditions:
(1) The principal of said annuity shall revert to the said town upon the death of said John C. Thomas.
(2) Said John C. Thomas shall not be entitled to cost-of-living adjustments to the income to be generated from said annuity but shall continue to be eligible for ordinary cost-of-living retirement benefit increases applied to his underlying Essex county retirement system retirement benefits.