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. The city of Lowell and the Lowell retirement system are hereby deemed to have accepted the provisions of section twenty-two D of chapter thirty-two of the General Laws; provided, however, that notwithstanding the provisions of the first sentence of subdivision (1) of said section twenty-two D, said retirement system may adopt a funding schedule established under said subdivision (1) of said section twenty-two D which 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 such system or for such other assumed liabilities; and provided, further, that said retirement system shall not be subject to the provisions of paragraph (e) of subdivision (4) of said section twenty-two D.

SECTION 2. In order to revise the total annual payments to the Lowell retirement system for the fiscal year commencing July first, nineteen hundred and ninety-one, the actuary of the public employee retirement administration shall use the most recent actuarial funding schedule available from said system; provided, however, that an updated schedule may be submitted to the actuary by June first, nineteen hundred and ninety-two, or within ten days after the passage of this act, whichever is later.

SECTION 3. 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 as the required payments into the pension fund of the Lowell retirement system for the fiscal year commencing July first, nineteen hundred and ninety-one, 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 June first, nineteen hundred and ninety-two and the resulting revised appropriation shall be issued by said actuary no later than June fifteenth, nineteen hundred and ninety-two.

SECTION 4. This act shall take effect upon its passage.