If state employees need additional information on the ERIP they can go to the following web site: http://www.state.ma.us/treasury/srb.htm

Summary: Similar to previous State ERIP's with a few exceptions. Full Summary of key points follows:

• Only Group 1 eligible
• Combination of creditable service and age of up to 5 years
• Maximum of 80% of salary
• Justices and elected officials not eligible
• File application after 7/15/03 and not later than 9/1/03
• The effective retirement dates under the ERI are:
  Wednesday, October 1, 2003 for employees in the Executive Branch; November 1, 2003 for employees of the Board of Retirement; and December 31, 2003 for employees of the University of Massachusetts and the state and community colleges, unless otherwise determined by the President of the University of Massachusetts or the Chancellor of Higher Education.
• Backfilling restrictions for executive branch, trial court, state and community colleges, UMass: rehiring limited to 20% of total annualized cost of regular compensation which would have been paid out for the positions vacated in FY'04 and FY'05
• No backfilling restrictions for federal or trust funded accounts (must hire commonwealth paid employees first)
• Accrued vacation, unused sick leave or other benefit paid in 4 installments: ¼ July 1, 2003; ¼ July 1, 2004; ¼ July 1, 2005; ¼ July 1, 2006
• Massachusetts Turnpike Authority, MHFA, MassPort, MWRA, Massachusetts Convention Center Authority may individually elect to allow their Group 1 employees to participate
• PERAC reports by 1/15/04