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Session Law

2012

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Chapter 447 AN ACT RELATIVE TO THE FILING OF STATEMENTS OF FINANCIAL CONDITION BY PUBLIC EMPLOYEE RETIREMENT SYSTEMS.

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. Paragraph (h) of subdivision (5) of section 20 of chapter 32 of the General Laws, as appearing in the 2010 Official Edition, is hereby amended by inserting after the first sentence the following sentence:- The state board of retirement and the teachers’ retirement board shall each file such report annually, on or before December 31, in the office of the public employee retirement administration commission which shall show the financial condition of their respective retirement system as of June 30 of the prior fiscal year as required by paragraph (a) of said subdivision (1) of said section 23.

SECTION 2. Said subdivision (5) of said section 20 of said chapter 32, as so appearing, is hereby further amended by adding the following paragraph:-

(m) For the purposes of paragraphs (h) and (i) of this subdivision and paragraph (a) of subdivision (1) of section 23, the state board of retirement and the teachers’ retirement board may write off outstanding pension payments that remain payable or receivable to the respective systems and which the systems have been unable to recover or properly pay for more than 3 calendar years. All write-offs of receivable and payable amounts shall be approved by the state board of retirement or the teachers’ retirement board, whichever is appropriate. The state employees’ retirement system and the teachers’ retirement system shall maintain a record of all amounts written off.

SECTION 3. Section 23 of said chapter 32 is hereby amended by striking out, in line 5, as so appearing, the words “May 1” and inserting in place thereof the following words:- December 31.

SECTION 4. Said section 23 of said chapter 32 is hereby further amended by striking out, in line 7, as so appearing, the words “December 31 of the previous” and inserting in place thereof the following words:- June 30 of the prior fiscal.

SECTION 5. Notwithstanding any general or special law to the contrary and except as expressly provided otherwise, the calendar year 2012 financial statement of the state employees’ retirement system and the calendar year 2012 financial statement of the teachers’ retirement system shall be filed on or before May 1, 2013 and the fiscal year 2013 financial statement of the state employees’ retirement system and the fiscal year 2013 financial statement of the teachers’ retirement systems shall be filed on or before December 31, 2013.

Approved, January 9, 2013.


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