Section 26 State Retiree COLA Fund and State Retiree Benefits Adjustment 5

Paragraph (a) of subdivision (6) of said section 22 of said chapter 32, as so appearing, is hereby amended by adding the following clause:-
(vi) In any calendar year, prior to making the transfers required by clause (iii), an amount equal to 7.5 per cent of the excess investment income shall be transferred to the Cost of Living Reserve Fund for the state employees' and teachers' retirement systems. For a system other than the state employees' and teachers' retirement systems that has accepted subdivision (6B), an amount equal to 7.5 per cent of the excess investment income shall be transferred to said system's Cost of Living Reserve Fund; provided, however, that no further transfers shall be made pursuant to this clause to a system other than the state employees' and teachers' retirement systems after completion of the transfer required by paragraph (d) of subdivision (6B).