Fairhaven Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

 

 

June 7, 2012: All full-time permanent and provisional employees are required to become members of the Fairhaven Contributory Retirement System. Regularly scheduled employment of 30 hours or more per week shall constitute full-time.

Employees hired/classified as temporary, substitute, intermittent, seasonal, emergency are not eligible for membership.

Part-time employees who are regularly scheduled to work 20 or more hours per week are required to become members of the Fairhaven Contributory Retirement System.

Employees whose regular work schedule is less than 20 hours per week will be considered "less than part-time" and are not eligible for membership.

Any member who subsequently becomes a temporary, intermittent, seasonal, emergency or less than part-time employee within any of this system's governmental units shall continue to be a member of this Retirement System. Creditable service adjustments in accordance with Board regulations will apply. 

Any individual whose annualized earnings is (sic) less than $5,000.00 is ineligible for membership.

CREDITABLE SERVICE:

June 7, 2012: Creditable service shall be calculated on a 12-month basis for all members of the Fairhaven Contributory Retirement System.

Members from the school department shall be granted creditable service for the summer months upon return to service within the Fairhaven Contributory Retirement System in September.

Members from the school department who retire in July or August shall be granted creditable service for the portion of the summer months leading up to their retirement date if he/she completed the prior school year and shall not be required to return to service in September.

A member whose entire service is part-time shall receive one year of creditable service for each year worked 20+ hours per week.

A member employed on a part-time basis who becomes full-time shall have his/her creditable service adjusted and receive credit for his/her part-time service on a pro-rated basis as it relates to a full-time position.

A member employed on a full-time basis who becomes part-time shall receive credit for his/her part-time service on a pro-rated basis as it relates to a full-time position.

A member employed on a part-time basis who becomes less than part-time shall receive credit for his/her less than part-time service on a pro-rated basis as it relates to their former part-time position.

BUYBACKS
The Fairhaven Contributory Retirement Board shall only accept liability for the buyback of service rendered to governmental units within the Fairhaven Contributory Retirement System unless otherwise required by law.

Purchase of part-time, intermittent, less than part-time or substitute service shall be pro-rated as it relates to a full-time position.

A member may purchase creditable service via payroll deduction for a period of no longer than 7 years.

Any member eligible to purchase credit for military service may do so, prior to being retired, via a lump sum payment or payroll deduction (not to exceed a period of 7 years). The amount to be paid will be interest free for a period of 5 years from the member's date of application to purchase said military service and thereafter buyback interest will be charged on the amount/remaining balance due.

REGULAR COMPENSATION:

 

MISCELLANEOUS:

June 7, 2012: If a retired member or survivor benefit recipient dies without a valid beneficiary on file, payment of the  balance of annuity and/or pro-rated retirement allowance shall be paid to his/her surviving spouse. If there is no surviving spouse, payment of the balance of annuity and/or pro-rated retirement allowance shall be paid in equal shares to the surviving natural/legally adopted children of the retiree or survivor benefit recipient upon receipt of the following documentation:

  1. A letter of request for payment from the surviving children, which must certify under the pains and penalties of perjury that they are the only known surviving children of said retiree/survivor benefit recipient. This letter must also include each surviving child's signature, address, telephone number and social security number.
  2. A copy of each child's birth certificate, which must show the retiree/survivor benefit recipient as parent. If there is no surviving spouse or surviving biological or legally adopted children of the retiree/survivor benefit recipient payment of the balance of annuity and/or pro-rated. retirement allowance shall be paid to his/her estate upon receipt of an estate tax identification number.