AN ACT RELATIVE TO THE RETIREMENT OF CERTAIN EMPLOYEES OF THE CITY OF REVERE.
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 section 4 of chapter 32 of the General Laws or any other general or special law to the contrary, any employee of the city of Revere, whose employment was terminated in 1981 or 1982 due to a reduction in force and subsequently was reinstated to his former position on or before October 1, 1986 shall be credited with active service for such period of unemployment for the purposes of said chapter 32 if the employees pay into the Retirement System Annuity Savings Fund, in 1 sum or in installments, as said board shall determine, an amount equal to any retirement allowance or accumulated regular deductions received by the employees under said chapter 32.
The employees shall also pay into the annuity savings fund, in 1 sum or installments, as the board shall determine, an equal amount or amounts which would have been deducted from the regular compensation of the employees for the period of time of their forced unemployment had the employees been members in service during that period. In addition to the payment of the amount required by the preceding sentence, the employees shall also pay into said annuity savings fund an amount of interest such that upon the completion of such payments the value of their accumulated payments under this paragraph together with regular interest thereon, shall equal the value of their accumulated regular deductions for such period which would have resulted if such deductions had actually been made from regular compensation during the aforementioned period.
Upon the completion of the payments required hereunder, the retirement board of the city of Revere or the teachers' retirement board shall grant to the employees creditable service for the period of their forced unemployment, but no such credit shall be granted until such payments are completed.
SECTION 2. This act shall take effect upon its passage.