November 30, 2011
1) Creditable Service
2) Creditable Service Buybacks/Make-Ups/Re-Deposits
Creditable service may be purchased three ways:
1) Lump sum payment
2) Three equal payments distributed over three (3) consecutive months
3) Via payroll deduction, with a minimum of $10.00 weekly paid over a period not to exceed five (5) years.
Creditable Service for the purpose of buybacks will be calculated based upon the following: (per calendar year)
1) Less then one (1) month - No creditable Service
2) One (1) month to eleven (11) months - Month for month
3) Twelve (12) months - One (1) year
*One (1) year of credit for ten (10) months of service may only be granted for school employees whose work schedule is the academic school year as described above.
When purchasing prior part-time service, if wage and/or salary documentation cannot be obtained, a W -2 form, plus proper documentation of service worked, shall be supplied by the applicant.
For the purpose of calculating buyback "months", the Athol Contributory Retirement System will review the period of part-time service and will allow a month for each calendar month wherein an average of twenty (20) hours or more per week of service was provided to the member unit. No partial month creditable service will be granted.