Everett Retirement Board Supplemental Regulations

MEMBERSHIP:


CREDITABLE SERVICE:

Each member requesting permission to make payments for their previous employment shall provide the retirement system with a verified list of salaries earned by them, by calendar year, not including any overtime or bonuses and hours worked on a weekly basis so that eligibility can be determined and a payment can be calculated.

Make up payments consist of regular contributions plus interest received at the time of a refund plus interest the employees account would have earned had they not received a refund.

Members of any retirement system established under Chapter 32 may purchase past creditable service from the Everett Retirement System consistent with the provisions of Chapter 32, PERAC regulations and supplemental regulations of the Everett Retirement Board.

Purchases of prior creditable service may be made in a lump sum any time prior to retirement or in annual periodic payments. Annual periodic payments are subject to board approval and such requests shall be reviewed by the board on a case by case basis.

SERVICE BUYBACK POLICY
Members of the retirement system may purchase creditable service for previous service with a Massachusetts governmental unit, consistent with the provisions of Chapter 32, in which they received a refund of contributions upon termination.  Members may also, in certain situations consistent with the provisions of Chapter 32, purchase creditable service for previous service for a governmental unit in which deductions were not taken.  The policy stated below pertains only to the method of purchasing back previous service and is not intended to add to or modify any provisions in Chapter 32 or PERAC regulations concerning the definition of creditable service.

It will be the policy of the Everett Retirement Board to require that any request to purchase applicable creditable service will be based on a payment plan submitted by the member, and subject to board approval, that will pay the necessary amount, including interest, within a five-year period.  Furthermore, the member shall make the payments on an annual basis to the Everett Retirement Board.  The member may elect to make periodic payments to a financial institution and instruct such institution to make the necessary annual payment to the Everett Retirement Board.  The staff of the retirement system will advise members of financial institutions, if any, who may provide this service.

Members who are unable to purchase their creditable service within a five-year period due to a proven hardship may petition the board for a period of payment in excess of five years.   The petition to the board must clearly demonstrate the financial hardship in writing to the board.  The Everett Retirement Board will review each such request and will vote to accept, reject, or request modifications/clarifications to such petition.

These supplemental rule provides rules for membership, creditable service, make up

The undersigned hereby certifies that it has read the foregoing regulation, 840 CMR 1.03, that it has made a diligent thorough and reasonable inquiry of its agents and employees, and that no person who has been convicted or found in violation of the offenses listed in said regulation has any substantive dealings with the affairs of the Everett Retirement System in any capacity listed above.  The undersigned further acknowledges and agrees that the obligation to screen its agents and employees under this regulation is a continuing one.


REGULAR COMPENSATION:


MISCELLANEOUS: