Section 1. (a) There shall be a department of the state treasurer, under the supervision and control of the state treasurer, which shall be organized as provided in this chapter. The state treasurer shall receive a salary of $175,000 and an additional amount to be adjusted biennially to reflect the aggregate quarterly change in salaries and wages in the commonwealth for the most recent 8 quarters as determined by the Bureau of Economic Analysis in the United States Department of Commerce.
(b) The state treasurer shall not receive earned income from any other source but may receive unearned or passive income.
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