 
CHAPTER 46, SECTION 116, OF THE ACTS OF 2003
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| Section
116 of Chapter 46
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No
Individual Title, ERI
is Section 116 of the
"Municipal Relief"
Act: AN ACT PROVIDING
RELIEF AND FLEXIBILITY
TO MUNICIPAL OFFICIALS |
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Summary:
"Chapter
46, Section 116 of the
Acts of 2003 provides
for a local option early
retirement incentive:
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- It
must be accepted by
November 1, 2003.
- It
is for active and
eligible Group 1,
2, or 4 members of
city, town, county,
district and authority
retirement systems.
- A
person must submit
an application by
12/2/03 and retire
by 12/31/03.
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It provides up to
five years of added
age or creditable
service (subject to
local limitation).
- The
total normal yearly
amount of the retirement
allowance cannot exceed
80 per cent of the
average annual rate
of regular compensation
received during any
3 consecutive years
of creditable service
for which the rate
of compensation was
the highest or of
the average annual
rate of regular compensation
received during the
periods, whether or
nor consecutive, constituting
the last 3 years of
creditable service
preceding retirement,
whichever is greater.
- Local,
county, and regional
retirement board employees
are eligible.
- Date
of retirement of retirees
of a city or town
retirement board shall
be 30 days after the
retirement date set
by the city or town
executive authority.
- Retirement
date for retirees
of a county retirement
board or regional
retirement board shall
be 1/30/03.
- The
Legislative and executive
authority may designate
the eligible departments.
- Excluded
are: Those eligible
for Judiciary retirement
incentive program
under Chapter 218
of the Acts of 2001;
Those eligible to
participate in ERI
under Chapter 219
of the Acts of 2001;
State employees; Members
of the Teacher's Retirement
System and teachers
who are members of
the State-Boston Retirement
System.
- Person
serving as 5th member
of a county retirement
board on effective
date of Act is eligible
for re-election as
5th member, even if
an employee or retiree
or official of a constituent
unit within the system.
- PERAC
reports by December
31, 2004.
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