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 chapters 32 and 32B of the General Laws or any other general or special law to the contrary, any elected official of the town of Richmond who receives regular annual compensation from the town that is less than $10,000 annually, adjusted annually according to changes in the United States Consumer Price Index as reported by the Bureau of Labor Statistics as of June 30, shall not be eligible for the benefits provided under said chapters 32 and 32B.

SECTION 2. Section 1 shall not impair the retirement or health benefits of any person serving as an elected official in the town of Richmond as of January 1, 2003, provided, however, if said elected official fails of nomination or re-election and is subsequently elected following such failure said elected official shall be subject to this act.

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