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Retirement Systems and Pensions Term

SECTION 44.   Said section 22 of said chapter 32, as so appearing, is hereby further amended by striking out, in line 1219, the words "in perpetuity" and inserting in place thereof the following words:- for a 5-year term.

Veto Explanation:
I am vetoing this section because it would re-commit a retirement system's investment assets to that system's board, even though that board has already demonstrated, over a period of years, its inability to manage those assets. Repeatedly changing management will also impose additional transaction costs on the retirement system as system assets are liquidated then re-invested, further reducing the funded status of the system.