Section 22B: Reduction of unfunded pension liability
Summary
Section 22B requires the Governor to recommend an annual appropriation to the PRIT Fund to reduce the unfunded pension liability of participating retirement systems. The recommended amount must be at least 1.3% of total appropriations for state employee salaries in the subsidiary accounts "01" and "02" for that fiscal year.
Statutory Text
Section 22B: Reduction of unfunded pension liability
Section 22B. In each fiscal year, the governor shall recommend to the general court an appropriation to be set aside in the PRIT Fund to reduce the unfunded pension liability of retirement systems participating in said fund pursuant to section twenty-two. Such recommendation shall be equal to or greater than one point three per cent of the total amount appropriated for the salaries of permanent and temporary state employees in subsidiary accounts ''01'' and ''02'', so called, in such fiscal year.