1 of 1
SENATE DOCKET, NO. 474 FILED ON: 1/13/2025
SENATE . . . . . . . . . . . . . . No. 1463
The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Patrick M. O'Connor
_________________
To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act authorizing the county of Plymouth to issue pension obligation bonds or notes.
_______________
PETITION OF:
NAME:DISTRICT/ADDRESS :Patrick M. O'ConnorFirst Plymouth and Norfolk 1 of 2
SENATE DOCKET, NO. 474 FILED ON: 1/13/2025
SENATE . . . . . . . . . . . . . . No. 1463
By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 1463) of Patrick M. O'Connor for
legislation to authorize the county of Plymouth to issue pension obligation bonds or notes.
Municipalities and Regional Government.
[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE SENATE, NO. 1316 OF 2023-2024.]
The Commonwealth of Massachusetts
_______________
In the One Hundred and Ninety-Fourth General Court
(2025-2026)
_______________
An Act authorizing the county of Plymouth to issue pension obligation bonds or notes.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:
1 SECTION 1. The county of Plymouth may issue bonds or notes from time to time for the
2purpose of funding all or a portion of its unfunded pension liability to the Plymouth County
3Contributory Retirement System. The proceeds of any such issuance, other than amounts to be
4applied to issuance costs and expenses, shall be transferred by the county to the retirement
5system. The term of any such bonds or notes shall not exceed 10 years from the date of issuance.
6No such bonds or notes shall be issued without, for each issuance, a 2/3 vote of the advisory
7board on county expenditures of the county of Plymouth upon a recommendation by the county
8commissioners. Upon the authorization of the issuance of pension obligation bonds by the
9advisory board on county expenditures, the county shall submit the vote and a plan
10demonstrating how the county will finance and allocate the debt service associated with the 2 of 2
11bonds or notes to the executive office for administration and finance, and no bonds or notes
12authorized to be issued by this act shall be issued until the secretary for administration and
13finance has approved the plan and the issuance of such bonds or notes. Except as otherwise
14provided in this act, such bonds or notes shall be subject to the provisions of chapter 35.
15 SECTION 2. The aggregate principal amount of the bonds or notes issued under this act
16shall not be greater than the amount sufficient to extinguish the county’s unfunded pension
17liability to the Plymouth County Contributory Retirement System as determined in accordance
18with this section, plus an amount to provide for issuance costs and other expenses necessary or
19incidental thereto. The retirement board of the Plymouth County Contributory Retirement
20System shall first determine the amount sufficient to extinguish the unfunded pension liability of
21the county in accordance with the report of a nationally recognized independent consulting firm,
22which may be the consulting actuary generally retained by the retirement board, and with the
23approval of the public employee retirement administration commission. Such report shall also set
24forth the present value savings to the county reasonably expected to be achieved as a result of the
25issuance of such bonds or notes.
26 SECTION 3. The maturities of the bonds or notes issued under this act shall be scheduled
27such that the annual combined payments of principal and interest for each issue shall be as nearly
28equal as practicable in the opinion of the county commissioners; provided, however, that the
29maturities of such bonds or notes may be scheduled so as to provide a more rapid amortization of
30principal, or in accordance with any other manner consistent with the county's approved funding
31schedule, as the secretary for administration and finance shall approve.
32 SECTION 4. This act shall take effect upon its passage.