Danvers Retirement Board Supplemental Regulations

Subject

Regulation

MEMBERSHIP

 

 

 

March 7, 2005 Military Buyback Plan
Purchase 1 Year              due six (6) months after acceptance date

Purchase 2 Years            50% due six (6) months after acceptance date
                                       50% due eighteen (18) months after acceptance date

Purchase 3 Years            33% due six (6) months after acceptance date
                                       33% due eighteen (18) months after acceptance date
                                       33% due thirty (30) months after acceptance date

Purchase 4 Years            25% due six (6) months after acceptance date
                                       25% due eighteen (18) months after acceptance date
                                       25% due thirty (30) months after acceptance date
                                       25% due forty-two (42) months after acceptance date

Military Buyback Plan (as amended)

Any purchase of military service time (pursuant to Chapter 468 of the Acts of 2002) may be paid over a five-year period.  These payments may be made in one lump sum or must be paid in full within five-year period from the date of the returned application and before retirement or employment termination.

August 14, 1985 Teacher aides who are regular employees working a full school year for a minimum of 20 hours or more each week and are permanent employees with a stated hourly or yearly rate of compensation shall be eligible for membership. Excluded from membership are teacher aides who are employed on a one-year basis.

December 28, 1984 To be considered for membership applicant must be regularly employed for 20 hours or more each week be regularly employed with a stated hourly or yearly rate of compensation

 

CREDITABLE SERVICE

April 17, 2007 Members employed in a full-time capacity will receive one year of creditable service for each full calendar year in which the employee is receiving regular compensation for said service.

Members employed in a part-time capacity throughout his/her entire career in the Town of Danvers will receive one year of creditable service for each full calendar year in which the employee is receiving regular compensation for said service.

A member who is has been employed in both a part-time and full-time capacity for the Town of Danvers will receive full-time credit for full-time service, and pro-rated credit for part-time service based on the full time equivalency of that position.

School year employees (teacher aides, cafeteria workers, secretaries) whose full-time employment only requires them to work 10 months will receive one month of creditable service for each full month the employee is receiving regular compensation, with 10 months being the equivalent of one year of creditable service. Said employees shall be granted one full year of service credit if they return to that position the following September.

Any request by a member to purchase past service will have the rules states above applied to their past service to determine creditable service.

December 28, 1984 One years credit is to be granted for every (5) years of service for call firemen, up to a maximum of five years of creditable service, provided that such service as a call firemen shall only be credited if such call firemen were later appointed as permanent members of the fire department.

April 17, 2007: Members employed in a full-time capacity will receive one year of creditable service for each full calendar year in which the employee is receiving regular compensation for said service.

Members employed in a part-time capacity throughout his/her entire career in the Town of Danvers will receive one year of creditable service for each full calendar year in which the employee is receiving regular compensation for said service.

A member who is has been employed in both a part-time and full-time capacity for the Town of Danvers will receive full-time credit for full-time service, and pro-rated credit for part-time service based on the full time equivalency of that position.

School year employees (teacher aides, cafeteria workers, secretaries) whose full-time employment only requires them to work 10 months will receive one month of creditable service for each full month the employee is receiving regular compensation, with 10 months being the equivalent of one year of creditable service. Said employees shall be granted one full year of service credit if they return to that position the following September.

Any request by a member to purchase past service will have the rules states above applied to their past service to determine creditable service.

REGULAR COMPENSATION

 

MISCELLANEOUS

December 28, 1984 Dependent Benefits • Dependents benefits cease at age 21 as stated by G.L. c. 32, § 12B.
• Benefits to be paid through date of graduation from college or through last day of schooling if dependent does not complete college, provided that all such dependent benefits must cease at or before age 21, regardless of date of graduation or last day of schooling.
• Benefits to be paid through 18th birthday are resumed if dependent enters accredited educational institution with reimbursement made for summer months.
• Contact the parent/guardian to provide the board with certification of attendance from the school and inform the parent/guardian of their responsibility to keep the board informed regarding the dependent’s student status.

December 28, 1984 Veteran’s Allowances Policy for determining annual wage for computing allowance under Veteran’s Act, G.L. c. 32, § 56:
• Shift differential to be computed on the actual number of shifts worked in the 12 month period preceding the date of retirement
• Holiday pay will be figured at 1/5 of weekly rate for the number of paid holidays in a calendar year.