Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2012

Governor's Budget Recommendation FY 2012

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Outside Section 22

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Pension Funding Schedule

SECTION 22.   (A) Section 22C of chapter 32 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by striking out, in line 29, the words "on June 30, 2025" and inserting in place thereof the following words:- by June 30, 2040.

(B) Said section 22C of chapter 32 of the General Laws is hereby further amended by striking out the last paragraph of subdivision (1), inserted by section 23 of chapter 27 of the acts of 2009, and inserting in place thereof the following paragraph:-
Notwithstanding any general or special law to the contrary, appropriations or transfers made to the Commonwealth's Pension Liability Fund in fiscal years 2012 to 2017, inclusive, shall be made in accordance with the following funding schedule: $1,478,000,000 in fiscal year 2012, $1,552,000,000 in fiscal year 2013, $1,630,000,000 in fiscal year 2014, $1,727,000,000 in fiscal year 2015, $1,831,000,000 in fiscal year 2016, and $1,941,000,000 in fiscal year 2017. Notwithstanding subdivision (1), any adjustments to these amounts based on the next triennial funding schedule shall be limited to increases in the schedule amounts for each of the specified years.

This section extends the Commonwealth's pension funding schedule from 2025 to 2040, and sets the pension payments for fiscal years 2012 to 2017, consistent with the Governor's 2011 pension reform bill.

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