Clinton Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

 

 

1.) Employees of any member unit of the Clinton Retirement System, who are regularly employed in a permanent position, for a minimum of twenty hours per week and thus eligible for Town benefits as defined by the Town Personnel By-Laws, who also is earning a minimum of $5,000.00 per year must join the Retirement System. Officials who are elected after 7/1/2009 who receive a salary but earn less than $5,000.00 per year may elect to join, however such official will not accrue creditable service per Chapter 21 of the Acts of 2009.  This Rule is to become effective for all new employees of the Town of Clinton hired on or after the date of approval is received from PERAC.  All current active members before the date of PERAC's approval will be grandfathered into the System.

1a.) Seasonal and temporary employees shall be ineligible to join the System. However, upon becoming permanent, the employee shall have the option of purchasing prior service as allowed by the retirement board supplementary regulations in effect on the date of purchase. This service shall be for retirement calculation purposes only.

 

CREDITABLE SERVICE:

2.) Any employee of the Town of Clinton working in a position which meets the membership eligibility requirements and works the full number of hours assigned to that position will receive full time credit. Any member working less than the full-time hours assigned to their position shall have creditable service pro-rated against the full-time equivalent of their position.

2a.) School department employees who are employed for a full school year working the full time hours available for their position will receive one full year creditable service. School Department employees working less than the total hours or days required by their position will be pro-rated against the full-time equivalent for that position.   

2b.) Applicability:This regulation shall apply to creditable service calculated for member buybacks, membership transfers to other Systems and retirement calculations for the members of the Clinton Retirement System who terminate or retire on or after the date of PERAC's approval of this regulation.

2c.): Per Chapter 21 of the Acts of 2009, Members of the Clinton Retirement System who earn less than $5,000.00 per year and who established membership prior to July 1, 2009 shall continue to be members of the system. The regular compensation of such member shall be subject to retirement withholdings, but such member shall not accrue creditable service after July 1, 2009, except that, such member who on said date was serving in an elected or appointed term of office or employment shall continue to be credited with service until the expiration of said term of office or employment, but not thereafter.

3.) Buyback of Eligible Prior Creditable Service: All prior employees of the Town who were ineligible to join the retirement system but are later employed by the Town and become members of the Retirement System will be allowed to make payment towards creditable service for this service.  Pursuant to Chapter 21 of the Acts of 2009, compensated service under $5,000.00/yr. earned Pre-July 2009 may be considered for purchase. Compensated service under $5,000.00/yr. earned Post-July 2009 is ineligible for purchase.  The creditable service earned is for retirement calculation purposes only.

3a.) Buyback of Eligible Veteran Service
: A veteran may buy back a maximum of four years creditable service pursuant to Chapter 71 of the Acts of 1996 up until the date of retirement, to be paid in one lump sum. The creditable service earned is for retirement calculation purposes only.

3b.) Buyback of Eligible Call Firefighter Service: To allow up to a maximum of five years creditable service to any current active member for call firefighter service.  Pursuant to Chapter 21 of the Acts of 2009, Compensated service earned under $5,000.00/yr. Pre-July 2009 may be considered for purchase. Compensated service earned under $5,000.00/yr. Post-July 2009 is ineligible for purchase. The creditable service earned is for retirement calculation purposes only.

3c.) Buybacks: Any Person requesting a buyback must have verification records of employment which document salary earned, hours worked and proof that they were not enrolled in FICA during the buyback request period. All buybacks must be made in one lump sum payment.

3d.) Liability - Acceptance of Eligible Prior Creditable Service:  No liability for service will be accepted by the Clinton Retirement System for service with the Town of Clinton which did not entitle the employee to membership in the Clinton Retirement System pursuant to Ch. 32, Sec. 3(5), unless the employee subsequently becomes a member of the Clinton Retirement System and purchases the service while employed by the Town of Clinton.

 

REGULAR COMPENSATION:

 

MISCELLANEOUS:

4.) Member Duties and Responsibilities: It is the responsibility of any member and critically important that any member who has an accident on the job or is exposed to a health hazard file a notice of injury be filed with your retirement board as well as your employer. The notice should be filed within ninety days of the occurrence of the injury or exposure.