Section 23 State Retiree COLA Fund and State Retiree Benefits Adjustment 2

Said section 1 of said chapter 32, as so amended, is hereby further amended by inserting after the definition of "Employer" the following definition:-
"Excess investment income", the amount in any calendar year where all gains from invested funds of a retirement system results in earnings in excess of the investment return assumption set in the system's most recent actuarial valuation. Such amount, in excess of said investment return assumption, shall be based on the market rate of return during a calendar year on the balance of total assets of the system at the close of business on December 31 of the prior calendar year, less the amount required to be derived by the investment return assumption set in said valuation. Not later than 90 days after the end of said calendar year, the relevant actuary of a system shall certify the total excess investment income of the system.