Whereas, The deferred operation of this act would tend to defeat its purpose, which is to immediately provide for a cost-of-living adjustment for state and municipal retirees, therefore it is hereby declared to be an emergency law, necessary for the immediate preservation of the public convenience.
Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
In accordance with the provisions of section one hundred
and two of
chapter thirty-two of the General Laws, the retirement allowance, pension, or
annuity of every former
employee of the commonwealth or any county, city, town, district, housing or
redevelopment authority, the Massachusetts Turnpike Authority, the
Massachusetts Port Authority, the Blue Hills Regional Vocational School System,
the Greater Lawrence Sanitary District, the Minuteman Regional Vocational
Technical School District or of the spouse or other beneficiary of any
former employee who is receiving a
retirement allowance, pension or annuity shall, beginning January first,
nineteen hundred and ninety-two, be increased by five percent; provided,
however, that the fiscal year nineteen hundred and ninety-two costs of
reimbursing local retirement systems for such
cost-of-living adjustment shall be made from the commonwealth's share of the
deposits in the Pension Reserve Investment
Trust Fund, as authorized by the second paragraph of paragraph (a) of
subdivision (8)(i) of section twenty-two of chapter thirty-two of the
Laws; and provided, further, that no individual retiree shall receive an
increase greater than four hundred and fifty dollars annually.
This Bill having been returned by His Excellency the Governor with his
objections thereto in writing (see House 5775) has been passed by the
House of Representatives, notwithstanding said objections, two-thirds of
the House (144 yeas to 1 nay) having agreed to pass the same.
Passed by the Senate, notwithstanding the objections of His Excellency
the Governor, two-thirds of the members present (36 yeas to 1 nay)
having approved the same.