AN ACT RELATIVE TO INTEREST FROM CERTAIN RETIREMENT SYSTEMS.
, The deferred operation of this act would
tend to defeat its purpose, which is to
change interest rates on certain retirement systems,
therefore it is hereby declared to be an emergency law,
necessary for the immediate preservation of the
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1.Section 1 of chapter 32 of the General Laws, as
appearing in the 2002 Official Edition, is hereby amended by inserting after
the definition of "Accumulated additional deductions" the following
"Accumulated buyback deductions", the sum of the amount of the regular
deductions and the buyback interest thereon that would have been credited to a
member's account in the annuity savings fund of a system had buyback interest
been credited rather than regular interest.
Section 3 of said chapter 32, as so appearing, is hereby
amended by striking out, in lines 408, 474 and 475, and 535, the words
"accumulated regular deductions" and inserting in place thereof, in each
instance, the following words:- accumulated buyback deductions.
This act shall take effect on July 1, 2005.