AN ACT RELATIVE TO THE MASSACHUSETTS RETIREMENT BOARD.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1. Notwithstanding the provisions of subdivision (4) of section 3 of chapter 32 of the General Laws the Massachusetts teachers' retirement board is hereby authorized and directed to grant Dr. Albert Argenziano creditable service for the period of time during which he served as Director General of the American School of Guadalajara Mexico; provided, however, that any credit to be allowed shall not exceed five years of the maximum credit of ten years allowable for service in other states as provided in said subdivision (4); provided, further, that he shall pay into the Annuity Savings Fund, in one sum or in installments, as the board shall determine, an amount equal to the regular deductions which would have been deducted for said period together with regular interest thereon.
In the event that Dr. Argenziano shall retire before the completion of said payments, he shall, in addition to his actual membership service, be entitled to credit for the portion of the creditable service which the total of his actual payments, together with regular interest thereon to the date such retirement becomes effective, bears to the total amount of what his payment, together with regular interest thereon, would have been had he made a payment in one sum on the effective date of his retirement.
SECTION 2. Notwithstanding the provisions of subdivision (4) of section 3 of chapter 32of the General Laws the Massachusetts teachers' retirement board is hereby authorized and directed to grant Dorothy Argenziano creditable service for the peri during which she served as Director of Special Services at the American School of Guadalajara Mexico; provided, however, that any credit to be allowed shall not exceed five years of the maximum credit of ten years allowable for service in other states as provided in said subdivision (4); provided, further, that she shall pay into the Annuity Savings Fund, in one sum or in installments, as the board shall determine, an amount equal to the regular deductions which would have been deducted for said period together with regular interest thereon.
In the event that Dorothy Argenziano shall retire before the completion of said payments, she shall, in addition to her actual membership service, be entitled to credit for the portion of the creditable service which the total of her actual payments, together with regular interest thereon to the date such retirement becomes effective, bears to the total amount of what her payment, together with regular interest thereon, would have been had she made a payment in one sum on the effective date of her retirement.