hb 1476

CHAPTER 147

HB 1476 - FINAL VERSION

AN ACT relative to the age of retirement or early retirement in the city of Manchester employees contributory retirement system.

SPONSORS: Rep. Goley, Hills 37; Rep. Clayton, Hills 39; Rep. Pepino, Hills 40

This bill allows for a referendum in the city of Manchester to lower the age qualifications for retirement or early retirement in the city of Manchester employees contributory retirement system.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

AN ACT relative to the age of retirement or early retirement in the city of Manchester employees contributory retirement system.

Be it Enacted by the Senate and House of Representatives in General Court convened:

147:1 Definition; Normal Retirement Date. Amend 1973, 218:1, VII to read as follows:

VII. "Normal retirement date" shall mean the first day of the month coinciding with or next following a member's [~~sixty-second~~] sixtieth birthday.

147:2 Qualifications for Retirement. Amend 1973, 218:7, I as amended by 1999, 103:5 to read as follows:

I. Any member of the retirement system who either (a) has attained the age of [62] 60 years or (b) having been in the service of the city on January 1, 1974, has completed at least 20 years of service, shall be eligible for retirement for superannuation under the provisions of this act. Any such member may retire from service by filing with the retirement board a written statement duly attested setting forth at what time subsequent to the date of filing thereof, but not later than 60 calendar days subsequent to such date, the member desires to be retired, or the retirement board may, at its option, retire any such eligible member, furnishing written notice thereof at least 60 calendar days in advance of the specified date of such retirement.

147:3 Early Retirement Benefits. Amend 1973, 218:12, I as amended by 1999, 103:9 to read as follows:

I. Each member whose age plus years of service equal 80, or who attains age 55 with a minimum of 20 years of service, may have the option, to be exercised by a written notice to the board, to retire at any time thereafter, prior to the member's normal retirement date. The amount of retirement benefits payable to such retired member shall be computed as provided in section 8 of this act, except that the date of such early retirement shall be used in determining the member's service, and the amount thus obtained will be reduced[~~, such reduction to be determined by the actuary in accordance with accepted actuarial practice, if such retirement benefit is to commence prior to such member's normal retirement date~~] for each month by which the date on which benefits commence precedes the month after which the member attains 60 years of age by 1/6 of one percent.

147:4 Definitions; Normal Retirement Date; HB 1310 Contingency Provision. 1973, 218:4, XIII, as amended by HB 1310 of the 2002 legislative session, is repealed and reenacted to read as follows:

XIII. "Normal retirement date" shall mean the first day of the month coinciding with or next following a member's sixtieth birthday.

147:5 Retirement Benefits; HB 1310 Contingency Provision. 1973, 218:12, I, as amended by HB 1310 of the 2002 legislative session, is repealed and reenacted to read as follows:

I. Any member who either has attained the age of 60 years or having been in the service of the city on January 1, 1974, has completed at least 20 years of service, shall be eligible for a normal retirement benefit under the provisions of this act. Any such member may retire by filing with the retirement board a written statement duly attested setting forth at what time subsequent to the date of filing thereof, the member desires to be retired, or the retirement board may, at its option, retire any such eligible member, furnishing written notice thereof at least 60 calendar days in advance of the specified date of such retirement.

147:6 Early Retirement Option; HB 1310 Contingency Provision. 1973, 218:14, I, as amended by HB 1310 of the 2002 legislative session, is repealed and reenacted to read as follows:

I. Each member whose age plus years of service equal 80, or who attains age 55 with a minimum of 20 years of service, may have the option, to be exercised by a written notice to the retirement board, to retire at any time thereafter, prior to the member's normal retirement date. The amount of retirement benefits payable to such retired member shall be computed as provided in section 12 of this act, except that the date of such early retirement shall be used in determining the member's service, and the amount thus obtained will be reduced for each month by which the date on which benefits commence precedes the month after which the member attains 60 years of age by 1/6 of one percent.

147:7 Referendum. At the election to be held in the city in November, 2002, the city clerk then in office shall cause to be included on the ballot the following statement and question: "A contributory retirement plan for city employees was adopted by the voters of Manchester at the November 1973 election. The plan became effective in January 1974, and now, benefit improvements are requested. Are you in favor of the passage of an act of the General Court of 2002, amending sections 1, 7, and 12 of the city of Manchester employees contributory retirement system to lower the normal retirement age to 60, and to reduce the early retirement penalty?" Beneath this statement and question shall be printed the word "Yes" and the word "No" with a square immediately opposite such word in which the voter may indicate his or her choice. If a majority of the voters present and voting on the question shall signify their approval thereof, this act shall be declared adopted and effective July 1, 2003, except as otherwise provided within the act. The city clerk shall, within 10 days after said election, certify to the secretary of state the result of the vote on the question.

I. If HB 1310 of the 2002 legislative session becomes law and the referendum contained in section 2 of said HB 1310 is duly approved as provided therein, then sections 4-6 of this act shall take effect on the date the referendum in section 7 of this act is approved, and sections 1-3 of this act shall not take effect.

II. If HB 1310 of the 2002 legislative session does not become law, or if the referendum contained in section 2 of said HB 1310 is not approved as provided therein, then sections 1-3 of this act shall take effect as provided in section 7 of this act, and sections 4-6 of this act shall not take effect.

I. Section 7 of this act, relative to the referendum, shall take effect upon its passage.

II. The remainder of this act shall take effect as provided in section 8.

(Effective Date: I. Section 7 of this act, relative to the referendum shall take effect May 13, 2002. II. The remainder of this act shall take effect as provided in section 8.)