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Budget Summary FY2017

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Outside Section 126
Data Current as of:  8/9/2016

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Essex Regional Retirement System I

SECTION 126.   Section 14 of chapter 463 of the acts of 2004 is hereby amended by inserting after the first sentence the following 3 sentences:- Commencing on July 1, 2016 and on July 1 of each year thereafter, the district shall annually reimburse the Essex Regional Retirement System the amounts required, as determined and certified by the actuary employed by the public employee retirement administration commission, for the pension fund, the special fund for military service credit and the expense fund described in paragraph (c) of subdivision (8) of section 3 of chapter 32 of the General Laws and subdivisions (3), (4), (5) and (8) of section 22 of said chapter 32 for the liability attributable to the former Essex Independent Agricultural and Technical Institute as of June 30, 2014. For the purposes of this paragraph, the amounts herein required shall be considered the district's appropriation to the Essex Regional Retirement System. The district's annual appropriation to the Essex Regional Retirement System shall be apportioned to the member municipalities as described in section 10.