Session Laws

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 acceptance of the provisions of section twenty-two D of chapter thirty-two of the General Laws by the town of Danvers, the retirement system of said town of Danvers may adopt a funding schedule established under subdivision (1) of said section twenty-two D of said chapter thirty-two which, notwithstanding the provisions of the first sentence of said subdivision (1) of said section twenty-two D, would set forth total annual payments in any of its first six fiscal years which are less in any such year than the total estimated cost of benefits to be paid in such year for said system or for such other assumed liabilities; provided, however, that notwithstanding such acceptance of said section twenty-two D, said retirement system shall not be subject to the provisions of paragraph (e) of subdivision (4) of said section twenty-two D.

SECTION 2. Notwithstanding the provisions of clause (i) of paragraph (c) of subdivision (7) of section twenty-two of chapter thirty-two of the General Laws or any other general or special law to the contrary, the amounts determined by the actuary of the public employee retirement administration on or before December fifteenth, nineteen hundred and ninety-one as the required payments into the pension fund of the retirement system of the town of Danvers for the fiscal year commencing July first, nineteen hundred and ninety-two, in accordance with said clause (i), shall be revised in accordance with the amount required in an actuarial funding schedule which fulfills the requirement of section one of this act and has been approved by said actuary. Such revised amount shall be in accordance with an approved actuarial funding schedule; provided, however, that any such schedule shall be submitted to said actuary on or before January fifteenth, nineteen hundred and ninety-three and the resulting revised appropriation shall be issued by said actuary no later than January thirty-first, nineteen hundred and ninety-three.

SECTION 3. This act shall take effect upon its passage.