It the policy of the Melrose Retirement Board to require that any request to purchase applicable creditable service will be paid in either 1 lump sum payment in full OR based on a signed, written (weekly or monthly) installment payment plan submitted by the Member, subject to Board approval, that will pay the necessary amount, including interest, within a maximum 12 month or 52 week period. The Member shall make the payments on a weekly or monthly basis to the Melrose Retirement Board. A Member who sustains or endures a hardship may petition the Board for a period of payment in excess of 12 months or 52 weeks.
If a Member becomes inactive or a non- member (resign, termination, sick etc...) during the installment payment period without making the final payment(s), the creditable service granted will be prorated based on the payments received and the creditable service being purchased. No refunds are allowed after purchasing this creditable service except by a refund of ALL accumulated deductions.
The purchased service time will only be 100% credited upon successful receipt of all installments.
Members may NOT purchase any entire military, buyback, or make-up of creditable service or a portion(s) of creditable service with more than ONE 12 month written (weekly or monthly) installment payment plan.
For full time Non-Member service, the employee will receive 12 months of creditable service for each year of service purchased.
For part time Non-Member service, it is the policy of the Melrose Retirement Board to calculate the purchased part time creditable service using actual hours worked on a proportional basis of a 40 hour work week, consistent with the Creditable Service and Membership Supplemental Regulations.