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Budget Summary FY2012

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Outside Section 152
Data Current as of:  7/11/2011

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Extend Transfer Trust, Account Balances and Tobacco Settlement Payment

SECTION 152.   Notwithstanding section 1 of chapter 29D of the General Laws or any other general or special law to the contrary, 10 per cent of all payments received by the commonwealth in fiscal year 2013 under the master settlement agreement in Commonwealth of Massachusetts v. Philip Morris, Inc. et. al., Middlesex Superior Court, No. 95-7378, shall be deposited in the State Retiree Benefits Trust Fund, and the balance of funds received in fiscal year 2013 shall be deposited in the General Fund. The amount of these payments to be deposited in the State Retiree Benefits Trust Fund shall be increased by 10 percentage points in fiscal year 2014 and in each subsequent fiscal year until the amount to be deposited reaches 100 per cent of the payments.