Fall River Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

December 30, 2008 Board/Commission service is excluded from membership.  Active in-service members of the Fall River Contributory Retirement System (FRCRS) who also serve on a paid Board or Commission under the jurisdiction of the FRCRS may make contributions to this System on his/her Board/Commission pay as a dual member.  No additional creditable service shall be granted for Board/Commission service.  Upon termination of his/her full-time employment and qualifying in-service membership within the FRCRC contributions withheld from Board/Commission pay shall cease.

December 20 2005 All full-time permanent and provisional employees are required to become members of the Fall River Contributory Retirement System.  Regularly scheduled employment of 30 hours of more per week shall constitute full-time.

December 20 2005 Employees hired/classified as temporary, substitute, intermittent, seasonal emergency are not eligible for membership.

December 20 2005 Part-time employees who are regularly scheduled to work 20 or more hours per week are required to become members of the Fall River Contributory Retirement System.

December 20 2005 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.


CREDITABLE SERVICE:

February 2, 2011 Purchase of creditable service under the provisions of Chapter 235 of the Acts of 1994, which was adopted by the local legislative body of the City of Fall River on February 2, 2011, may be paid in full in one lump sum or in installments through additional payroll deductions within one year of the acceptance of the legislation for those who were unemployed and return to service prior to February 2, 2011. If the member does not complete payment in full on or before February 2, 2012 he/she shall be required to pay additional interest determined using the Fall River Retirement system's rate of buyback interest on any remaining balance. Payments via installments must be paid in full within a 5-year period beginning with the first installment.

Purchase of creditable service under the provisions of Chapter 235 of the Act of 1994 may be paid in full in one lump sum or in installments through additional payroll deductions within one year of the return to service for those became unemployed and /or returned to service after February 2, 2011. If the member does not complete payment in full within one year of his/her return to service he/she shall be required to pay additional interest, determined using the Fall River Retirement System's rate of buyback interest on any remaining balance. Payments via installments must be paid in full within a 5-year period beginning with the first installment.

December 20 2005 Creditable service shall be calculated on a 12-month basis for all members of the Fall River Contributory Retirement System.

December 20 2005 Members from the school department shall be granted creditable service for the summer months upon return to service within the Fall River Contributory Retirement System in September.

December 20 2005 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.

December 20 2005 A member whose entire service is part-time shall receive one year of creditable service for each year worked 20+ hours per week.

December 20 2005 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. 

December 20 2005 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 a full-time position.

December 20 2005 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.

December 20 2005 Buy backs:      The Fall River Contributory Retirement Board shall only accept liability for the buyback of service rendered to governmental units within the Fall River Contributory Retirement System unless otherwise required by law.

December 20 2005 Purchase of part-time, intermittent, less than part-time or substitute service shall be pro-rated as it relates to a full-time position.

December 20 2005 A member may purchase creditable service via payroll deduction for a period of no longer than 5 years.

December 20 2005 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 5 years). 


REGULAR COMPENSATION:

December 20 2005 Motor Vehicle: That the use of an employer owned motor vehicle shall be considered a fringe benefit and the value of said use shall not be considered regular compensation for retirement purposes.


MISCELLANEOUS:

July 28, 2009 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.