Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
SECTION 1. Notwithstanding the provisions of chapter thirty-two of the General Laws or any other general or special law to the contrary, on or after the effective date of this act, the city of Boston, acting by its collector-treasurer with the approval of the mayor, shall provide for an early retirement incentive program as set forth for any employee of the city of Boston, excluding employees of the police and fire departments except for civilian employees, the school department, except for those individuals employed as nurses, the Boston Housing Authority, the Boston Redevelopment Authority, the Boston water and sewer commission and employees of Suffolk county, who (i) shall be an employee and an active member-in-service on the effective date of this act of the State-Boston retirement system established under said chapter thirty-two or any predecessor system, (ii) shall be eligible to receive a superannuation retirement allowance in accordance with the provisions of subdivision (1) of section five of said chapter thirty-two or subdivision (1) of section ten of said chapter thirty-two upon the effective retirement date specified in his written application to the Boston retirement board, and (iii) shall have filed a written application after October fifteenth, nineteen hundred and ninety-six, but not later than November twenty-seventh, nineteen hundred and ninety-six to retire for superannuation as of the date which shall be specified in such application; provided, however, that such date for retirement shall be not earlier than December first, nineteen hundred and ninety-six and not later than December thirty-first, nineteen hundred and ninety-six.
The early retirement incentive program shall be administered by the Boston retirement board, which shall be authorized to promulgate regulations necessary to implement the provisions of said program. Notwithstanding any provisions of chapter thirty-two of the General Laws to the contrary, the normal yearly amount of the retirement allowance for an eligible employee who is employed by the city and who has paid the full amount of regular deductions on the total amount of regular compensation as determined under paragraph (a) of subdivision (2) of section five of said chapter thirty-two shall be based on the average annual rate of regular compensation as determined under said paragraph (a) and shall be computed according to the table contained in said paragraph (a) based on the age of such member and his number of years and full months of creditable service at the time of his retirement increased by up to five years of age or by up to five years of creditable service or by a combination of additional years of age and service, the sum of which shall not be greater than five; provided, however, that the collector-treasurer, with the approval of the mayor, may limit the amount of additional credit for service or age or a combination of service and age offered and the number of employees for whom a retirement calculated under the provisions of this act shall be approved; provided further, that if participation is so limited, the retirement of employees with greater creditable service shall be approved before approval shall be given to employees with lesser creditable service. For the purpose of this act, words shall have the same meaning as in said chapter thirty-two of the General Laws unless otherwise expressly provided or unless the context clearly requires otherwise.
An employee who retires and receives an additional benefit in accordance with the provisions of this act shall be deemed to be retired for superannuation under the provisions of said chapter thirty-two and shall be subject to any and all provisions of said chapter thirty-two. The total normal yearly amount of the retirement allowance, as determined in accordance with the provisions of section five of said chapter thirty-two of the General Laws, of any employee who retires and receives an additional benefit under the retirement incentive program in accordance with the provisions of this act shall not exceed such percentage of the average annual rate of his regular compensation received during any period of three consecutive years of creditable service for which the rate of compensation was the highest as may be established by the collector-treasurer, with the approval of the mayor, or of the average annual rate of his regular compensation received during the periods, whether or not consecutive, constituting his last three years of creditable service preceding retirement, whichever is greater.
The Boston retirement board shall prepare a funding schedule which shall reflect the costs and the actuarial liabilities attributable to the additional benefits payable under the retirement incentive program in accordance with the provisions of this act and such schedule shall be designed to reduce the additional pension liability attributable to such costs and liabilities to zero on or before June thirtieth, two thousand and seventeen; provided however, that said board shall triennially update such schedule until said June thirtieth, two thousand and seventeen. In each of the fiscal years until the actuarial liability determined under this section shall be reduced to zero, it shall be deemed an obligation of the city to fund such liability and there shall be appropriated in each such fiscal year the amount required by the funding schedule and the updates thereto.
SECTION 2. This act shall take effect upon its passage.