Malden Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

 

 

 

CREDITABLE SERVICE:

May 30, 2013: Elected Officials:For any individual who becomes a member of the Malden Retirement System ("System") after the effective date of this regulation, creditable service rendered as a City Councilor or School Committee Member shall be calculated pursuant to G.L. c. 32, § 4(2)(b) for each full calendar year served and prorated for any portion thereof as follows:

  • For a City Councilor or School Committee Member who is employed in a capacity as either an elected City Councilor or elected School Committee member throughout his/her entire career, he/she will receive one (1) month of creditable service for each full month for which the employee receives regular compensation and remits the appropriate contributions to the System, with said service not to exceed one (1) year of creditable service in any calendar year. 
  • For a City Councilor or School Committee Member who has rendered or does render membership service in the System in both a full-time position and as an elected member of either the Malden City Council or Malden School Committee, the member shall receive full credit for all full-time service for service rendered in all positions, with said service not to exceed one (1) year of creditable service in any calendar year.

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:

  • Service time shall be calculated on the basis of 1 month creditable service for every three months served.

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.

April 18, 2003:  Military Buybacks The Malden Retirement Board, consistent with the provisions of G.L. c. 32, § 4(1)(h), as amended, requires that any member who is a veteran as defined in G.L. c. 32, § 1 must apply to purchase his past service rendered in the armed forces of the United States within one hundred and eighty (180) days of being notified of eligibility to purchase such service.  Once a member has made application to purchase his past veteran’s service the member may purchase said service in a lump-sum at any time prior to the effective date of his retirement.
October 17, 1989:  Buy-Backs Employees paid for services from Federal Community Development Grants and members of the retirement system seeking to buy back service credit paid from Community Development Grants shall not receive approval for creditable service for this service until funding for said service is received from Community Development funds received by the City. This action was taken in accordance with the provisions of chapter 661 of the acts of 1983, section 24.

November 25, 1987:  Buy-Backs Part time employees hired after January 1, 1988 not allowed prior service credit for periods of less than twenty hours per calendar week.

 

REGULAR COMPENSATION:

 

 

MISCELLANEOUS:

January 11, 1985:  Various Approval of rules on the following subjects: Name; board; staff; staff salaries; staff benefits; staff hiring; chairman of board; board policy; ex-officio member; executive secretary; meetings; investments; investment counselor; membership; superannuation retirement; ordinary disability; accidental disability; refunds; vouchers; safe deposit vault; disbursement of funds; two applications; organization of staff