Bill Text: MA S1165 | 2009-2010 | 186th General Court | Introduced
Bill Title: Define surplus for retirement systems
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 5/4 at 11:00 AM in Hearing Room A1 [S1165 Detail]
Download: Massachusetts-2009-S1165-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Morrissey, Michael (SEN)
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To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act to define surplus for retirement systems.
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PETITION OF:
|
Name: |
District/Address: |
|
Morrissey, Michael (SEN) |
Norfolk and Plymouth |
[SIMILAR MATTER FILED IN PREVIOUS
SESSION
SEE SENATE, NO. S01600 OF 2007-2008.]
The Commonwealth of
Massachusetts
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In the Year Two Thousand and Nine
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An Act to define surplus for retirement systems.
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. Chapter 32 of the General Laws, as appearing in the 1996 Official Edition, is amended in Section 1 by adding after the definition of “State Official” the following:-
“Surplus”, any monies in the annuity savings fund of any system, the pension fund of any system, in the pension reserve fund of any system in the PRIT fund, in the expense fund of any system and in the special fund for military service, whether from the regular deductions of members, amounts appropriated by any governmental unit, interest or profits earned by monies in all funds shall be held in contractual trust for the exclusive benefit of the members of each retirement system and any amounts in surplus over the requirements to fund fully each system shall be held in trust for the benefit of the members of each system
