Athol Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

 

CREDITABLE SERVICE:

1)        Creditable Service

  • Any member who desires to establish credit for part-time service must petition the board for such credit. Employees must have payroll evidence to support and verify that such member had prior public employment.
  • All full-time/part-time employees having been regularly scheduled and worked twenty (20) or more hours per week will receive one month of creditable service for each full calendar month in which the employee is receiving regular compensation for said service. Employees working more then 10 hours weekly will be pro-rated accordingly, meaning for every eight hours of work one day service will apply with a minimum of 30 days equaling one month.
  • In addition, Athol School Department employees whose employment requires them to work only ten (10) months (September-June), shall receive one month of creditable service for each full month the employee received regular compensation, with ten (10) months being equivalent of one year of creditable service. Said employee shall be granted one (1) full year of service if they return the following September. They shall be granted credit only for the months worked if they do not return after summer break.

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.

REGULAR COMPENSATION:

 

MISCELLANEOUS: