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: