Section 38 State Retiree COLA Fund and State Retiree Benefits Adjustment 13

Said section 103 of said chapter 32, as so appearing, is hereby further amended by adding the following 4 paragraphs:-
(k) Upon acceptance of this paragraph as provided in paragraph (n), and upon the transfer of funds from the Cost of Living Reserve Fund to the Pension Reserve Fund, as provided by paragraph (d) of subdivision (6B) of section 22, every member of a retirement system other than the state employees' retirement system and the teachers' retirement system who has attained at least 10 full years of retirement but less than 15 full years of retirement as of June 30 of the prior fiscal year and receives a cost of living increase pursuant to this section, shall receive annually an additional $100 benefit to said increase. Said $100 benefit shall be granted only to members of a retirement system, other than the state employees' retirement system and the teachers' retirement system, who retired before July 1, 2020 with 20 or more years of creditable service and whose total annual retirement benefit is less than 80 per cent of the average annual salary as determined by their retirement system's most recent actuarial valuation; provided, however, that those members who retired with a disability benefit under section 6, 7 or 26 shall be eligible with less than 20 years of creditable service. Any surviving beneficiary of a deceased member who would otherwise be eligible for the aforesaid additional benefit under this paragraph, including those beneficiaries receiving a benefit under section 9, 12, 100 or 101, shall receive said additional benefit if it is determined that they are eligible by the board of the system in which they are a participant.
(l) Upon acceptance of this paragraph as provided in paragraph (n), and upon the transfer of funds from the Cost of Living Reserve Fund to the Pension Reserve Fund, as provided by paragraph (d) of subdivision (6B) of section 22, every member of a retirement system other than the state employees' retirement system and the teachers' retirement system who has attained at least 15 full years of retirement but less than 20 full years of retirement as of June 30 of the prior fiscal year and receives a cost of living increase pursuant to this section, shall receive annually an additional $200 benefit to said increase. Said $200 benefit shall be granted only to members of a retirement system, other than the state employees' retirement system and the teachers' retirement system, who retired before July 1, 2020 with 20 or more years of creditable service and whose total annual retirement benefit is less than 80 per cent of the average annual salary as determined by their retirement system's most recent actuarial valuation; provided, however, that those members who retired with a disability benefit under section 6, 7 or 26 shall be eligible with less than 20 years of creditable service. Any surviving beneficiary of a deceased member who would otherwise be eligible for the aforesaid additional benefit under this paragraph, including those beneficiaries receiving a benefit under section 9, 12, 100 or 101, shall receive said additional benefit if it is determined that they are eligible by the board of the system in which they are a participant.
(m) Upon acceptance of this paragraph as provided in paragraph (n), and upon the transfer of funds from the Cost of Living Reserve Fund to the Pension Reserve Fund, as provided by paragraph (d) of subdivision (6B) of section 22, every member of a retirement system other than the state employees' retirement system and the teachers' retirement system who has attained at least 20 full years of retirement as of June 30 of the prior fiscal year and receives a cost of living increase pursuant to this section, shall receive annually an additional $300 benefit to said increase. Said $300 benefit shall be granted only to members of a retirement system, other than the state employees' retirement system and the teachers' retirement system, who retired before July 1, 2020 with 20 or more years of creditable service and whose total annual retirement benefit is less than 80 per cent of the average annual salary as determined by their retirement system's most recent actuarial valuation; provided, however, that those members who retired with a disability benefit under section 6, 7 or 26 shall be eligible with less than 20 years of creditable service. Any surviving beneficiary of a deceased member who would otherwise be eligible for the aforesaid additional benefit under this paragraph, including those beneficiaries receiving a benefit under section 9, 12, 100 or 101, shall receive said additional benefit if it is determined that they are eligible by the board of the system in which they are a participant.
(n) Paragraphs (k), (l) or (m) shall take effect for systems other than the state employees' retirement system and the teachers' retirement system upon its acceptance by a majority vote of the board of such system, subject to the approval of the legislative body, and subject to its additional acceptance of subdivision (6B) of section 22. For the purpose of this paragraph, "legislative body" shall mean: (i) in the case of a city, the city council in accordance with its charter; (ii) in the case of a town, the town meeting; (iii) in the case of a district, the district members; and (iv) in the case of an authority, the governing body. In the case of a county or regional system, acceptance of said paragraphs (k), (l) or (m) shall be by the county or regional retirement board advisory council at a meeting called for that purpose by the county or regional retirement board. Acceptance of this paragraph shall be deemed to have occurred upon the filing of the certification of such vote with the commission. A decision to accept this paragraph shall not be revoked.