Concord Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

August 8, 1995 Membership in the retirement system is mandatory for part time and full time employees working 25 hours per week or more who are permanent employees.

CREDITABLE SERVICE:

August 8, 1995 One year of creditable service will be allowed for permanent part time employees who work 25 hours per week for 180 school days or 52 weeks a year as long as part time employment remains essentially the same.

August 8, 1995 Upon a reduction in hours to less than 25 hours per week employees will receive credit for hours worked prorated on the basis of full time employment.

August 8, 1995 Creditable Service Part time service credit is prorated on the basis of full time employment (37.5, 50, 40 or 42 hours).

August 8, 1995 Cafeteria workers working 6½ hours per day/180 school days will be allowed one year of creditable service.

REGULAR COMPENSATION:

June 26, 2000 $30,000 Cap The Town of Concord’s method for calculating the 2% supplemental assessment for employees earning more than $30,000 annualized is derived by dividing the annual salary by 52.2 weeks (26.1 biweekly) periods. The Town of Concord uses the amount over $574.71 weekly (biweekly $1,149.42) to compute the 2% assessment. The employee receives the weekly pay, 1/52.2 of annual salary throughout the year. There is no adjustment at the end of the year. According to the Compensation and Classification Bylaws of the Town, the annual rate set by the Town Meeting for employees is controlling. Accrued payroll is recorded as a budget expense on a per day basis for the town’s fiscal period July 1- June 30. The Concord Retirement Board hereby accepts the Town of Concord’s method for the 2% assessment calculation.

MISCELLANEOUS:

July 1, 2014
Correction of Errors under G.L. c. 32, § 20(5)(c)(2)

In all cases of correction of an error by the Concord Retirement Board of an underpayment or non-payment of a pension or benefit to a member or beneficiary of the Concord Retirement System which results in a onetime retroactive payment of benefits, such payment shall include interest for such period of underpayment or non-payment at the rate annually determined for such period by the Public Employee Retirement Administration Commission pursuant to G.L. c. 32, § 22(6).

In all cases of correction of an error by the Concord Retirement Board of an overpayment of a pension or benefit to a member or beneficiary of the Concord Retirement System, the amount of overpayment shall be due from the member or beneficiary, along with interest for said period of overpayment at the rate annually determined by the Public Employee Retirement Administration Commission pursuant to G.L. c. 32, § 22(6).

Pursuant to the judgment of the Supreme Judicial Court in Herrick v. Essex Regional Retirement Board, 465 Mass. 801 (2013) and PERAC Memorandum #32/2013, said interest shall be deemed to be the actuarial equivalent of the adjustment to the pension or benefit as set forth in G.L. c. 32 § 20(5)(c)(2).

In cases where a member’s contribution is insufficient, the member shall not be charged interest for the first 12 months following the discovery of the error.  If total payment is not completed within 12 months after the error is discovered, actuarial interest will be applied to the unpaid balance until payment is completed. 

In cases where contributions are withheld in error, the Board will refund the erroneous deductions and the member will receive that portion of the annuity savings account interest attributable to the excess contributions.