Section 9 Pension Transfer Schedule
Subdivision (1) of section 22C of chapter 32 of the General Laws, as so appearing, 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 2024 to 2026, inclusive, shall be made in accordance with the following funding schedule: (i) $4,104,583,378 in fiscal year 2024; (ii) $4,499,854,757 in fiscal year 2025; and (iii) $4,933,190,770 in fiscal year 2026. 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.
Summary
This section replaces the now-obsolete pension funding schedule that has been in place between fiscal years 2021 and 2023 with a new schedule for fiscal years 2024 through 2026.