Malden Retirement Board Supplemental Regulations

MEMBERSHIP:


CREDITABLE SERVICE:

Time will be prorated for any partial years served

The Mayor of the City of Malden shall receive full time credit for each and every full month served in such capacity.

Part Time Work-Hourly Employees
:
For any individual who becomes a member of the Malden Retirement System ("System") after the effective date of this regulation, where such member renders service on a part time basis and only on a part time basis, membership service will be credited as full-time. However, if the member also provides service in a full-time position in the City of Malden or in a member unit of the System following the effective date of this regulation, whether before the part time service rendered or after, the member's part-time service shall be prorated based on the full-time equivalent of the position as determined by the Retirement Board.

Any member who becomes a member of the system after the effective date of this regulation wishing to purchase creditable service for part time work, where said member worked on an hourly basis, shall be allowed to purchase creditable service calculated as follows:

Creditable service shall be calculated by dividing the hours worked into the number of hours regularly scheduled to be worked for a person working full time in that job as determined by the Retirement Board, to determine the amount of creditable service eligible to be purchased.


Boards, Commissions and other Stipend Receiving Positions:
Creditable service for all service provided after the effective date of this regulation by any individual, who is not an elected official, who provides compensated service on a board or commission to the City of Malden or any member unit of the System, or other similar entity who later becomes a member of the System, shall be calculated as follows:

In addition to the foregoing, any such service rendered on or after July 1, 2009, or until the end of an official’s term that began prior to said date, must also be compensated in the amount of at least $5,000 annually in wages to be eligible.


REGULAR COMPENSATION:


MISCELLANEOUS: