Section 31 Pension Transfer Schedule

Subdivision (1) of section 22C of chapter 32 of the General Laws, as appearing in the 2018 Official Edition, is hereby amended by striking out the third paragraph 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 2021 to 2023, inclusive, shall be made in accordance with the following funding schedule: $3,115,163,858 in fiscal year 2021, $3,415,154,137 in fiscal year 2022 and $3,744,033,480 in fiscal year 2023. Notwithstanding any provision of this subdivision to the contrary, any adjustments to these amounts shall be limited to increases in the schedule amounts for each of the specified years.

This section replaces the now-obsolete pension funding schedule that has been in place between fiscal years 2018 and 2020 with a new schedule for fiscal years 2021 through 2023.