Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Section 178B of chapter 149 of the General Laws, as appearing in the 1996 Official Edition, is hereby amended by adding the following paragraph:-

The state treasurer shall deduct from each payment of pension to any retiree of the commonwealth such amount or amounts as such retiree in a written authorization to the state treasurer may specify for purchasing shares of, or making deposits in, or repaying any loan from any credit union operated by employees of the commonwealth. Any such authorization may be withdrawn by the retiree by giving at least 30 days notice in writing of such withdrawal to the state treasurer and by filing a copy with the treasurer of said credit union. The state treasurer making deductions under this section shall transmit the amounts so deducted to the treasurer of such credit union for the purposes specified by the retiree; provided, however, that in the case of such a union, he is satisfied by such evidence as he may require that the treasurer of the credit union has given bond as required by the law for the faithful performance of his duties. Moneys so deducted shall not be attached or taken upon execution or other process while in the custody of the state treasurer, except when so authorized by any other provision of law.