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 provision of chapter thirty-two of the General Laws or any other general or special law to the contrary, the provisions of this act providing for a retirement program for the city of Springfield retirement system shall apply to a member who is a Group 1 employee as defined in section three of said chapter thirty-two, who is a member of said city of Springfield retirement system and who (i) shall be an employee of the city of Springfield, or an active member in-service of such retirement system on the effective date of this section, (ii) shall be eligible to receive a superannuation retirement allowance in accordance with the provisions of subdivision (1) of section five of said chapter thirty-two or subdivision (1) of section ten of said chapter thirty-two upon the effective retirement date specified in his written application to said board, and (iii) shall have filed a written application after September first, nineteen hundred and ninety-six, but not later than March thirty-first, nineteen hundred and ninety-seven to retire for superannuation as of the date which shall be specified in such application; provided, however, that said date for retirement shall be not earlier than December first, nineteen hundred and ninety-six and not later than March thirty-first, nineteen hundred and ninety-seven.
Notwithstanding any provision of chapter thirty-two of the General Laws to the contrary, the normal yearly amount of the retirement allowance for an eligible employee who is employed by the city and who has paid the full amount of regular deductions on the total amount of regular compensation as determined under paragraph (a) of subdivision (2) of section five of said chapter thirty-two, shall be based on the average annual rate of regular compensation as determined under said paragraph (a) and shall be computed according to the table contained in said paragraph (a) based on the age of such member and his number of years and full months of creditable service at the time of his retirement increased by up to five years of age or by up to five years of creditable service or by a combination of additional years of age and service, the sum of which shall not be greater than five; provided, however that the mayor may limit the amount of additional credit for service or age or a combination of service or age offered and the number of employees for whom it will approve a retirement calculated under the provisions of this act; and, provided further, that if participation is limited, the retirement of employees with greater creditable service shall be approved before approval is given to employees with lesser creditable service.
SECTION 2. For the purpose of this act, words shall have the same meanings as in chapter thirty-two of the General Laws unless otherwise expressly provided or unless the context clearly requires otherwise. An employee who retires and receives an additional benefit in accordance with the provisions of this act shall be deemed to be retired for superannuation under the provisions of said chapter thirty-two and shall be subject to all provisions of said chapter thirty-two.
The total normal yearly amount of the retirement allowance, as determined in accordance with the provisions of section five of said chapter thirty-two, of any employee who retirees and receives an additional benefit under the retirement incentive program in accordance with the provision of this act shall not exceed four-fifths of the average annual rate of his regular compensation received during the periods, whether or not consecutive, constituting his last three years of creditable service preceding retirement, whichever is greater.
The commissioner of the public employee retirement administration shall analyze, study and valuate the costs and the actuarial liabilities attributable to the additional benefits payable in accordance with the provisions of this act of the retirement incentive program established by this act for the city of Springfield; provided, however, that said commissioner shall file a report in writing of his findings to the board on or before December thirty-first, nineteen hundred and ninety-seven and shall send a copy thereof to the mayor.
SECTION 3. The Springfield retirement board shall prepare a funding schedule which shall reflect the costs and the actuarial liabilities attributable to the additional benefits payable under the retirement incentive program in accordance with the provision of this act and said schedule shall be designed to reduce the city of Springfield's retirement system additional pension liability attributable to such costs and liabilities to zero on or before June thirtieth, two thousand and twelve; provided, however, that in preparing such schedule, the board shall consider the analysis of the commissioner of the public employee retirement administration filed in accordance with the provisions of section two of this act; and provided, further, that said board shall triennially update such schedule until said June thirtieth, two thousand and twelve. In each of the fiscal years until the actuarial liability determined under this act shall be reduced to zero, it shall be deemed an obligation of the city, to fund such liability and there shall be appropriated to the pension reserve fund in each such fiscal year the amount required by the funding schedule and the updates thereto.
SECTION 4. This act shall take effect upon its passage.