HOUSE DOCKET, NO. 387 FILED ON: 1/6/2009
HOUSE . . . . . . . . . . . . . . . No. 2327
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
William N. Brownsberger
_______________
To the Honorable Senate and House of
Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act to limit public pensions to three times the social securit
y payment that a private worker would receive with the same contribution history
_______________
PETITION OF:
|
Name:
|
District/Address:
|
|
William N. Brownsberger
|
24th Middlesex
|
The Commonwealth of Massachusetts
_______________
In the Year Two Thousand
and Nine
_______________
An Act to limit public pensions to three times the social security payment that a private worker would receive with the same contribution history .
Be it enacted by the Senate and House of Representatives in General Court as
sembled, and by the authority of the same, as follows:
SECTION
ONE
:
Section One of Chapter Thirty-Two of the General Laws of
Massachusetts
is hereby amended by at the end the following new paragraphs:
“Inflation adjustment reference month”, the calendar
month including the date ninety days before the member’s retirement date
“Monthly inflation-adjusted regular compensation”, regular compensation multiplied by a fraction, the numerator of which is the Bureau of Labor Statistics Consumer Price Index for Al
l Urban Consumers in the United States (“
CPI
-U”) for the inflation adjustment reference month, and the denominator of which is the
CPI
-U for the compensation month; provided that for months or part-months after the inflation-reference month, the fraction s
hall be one.
“Monthly average inflation-adjusted regular compensation”, the sum of the inflation-adjusted regular compensation for each month for which the member claims creditable service divided by the number of said months.
“Annualized average inflat
ion-adjusted regular compensation”, the monthly average inflation-adjusted regular compensation multipl
i
ed by twelve.
“Seniority adjusted real compensation baseline”, annualized average inflation-adjusted regular compensation multiplied by a sum, the sum
being one plus a product, the product being three one hundredths times the member’s years of creditable service.
SECTION TWO: Section Five of Chapter Thirty-Two of the General Laws of Massachusetts by inserting before the period at the end of subsection
(c) by inserting the following words: “nor shall it exceed four-fifths of the seniority-adjusted real compensation baseline.”
