Less than 2 weeks in any year No Credit
Two weeks to one month One Month Credit
One Month to Six Months Month for Month
Seven Months and over One Year
One year of credit for seven months of service may only be granted if the work is determined by the retirement board to be seasonal in nature. One year of credit for ten months of service may be granted for School employees whose work schedule is the academic school year.No credit shall be granted for any employment that is for less than 28 hours per week Purchases of credit is restricted to employment with the Town of Northbridge
Non Union and Union Contracts of 35 to 37 1/2 hours:
28 - 35 hours will receive 80% credit.
35 or more will receive 100% credit.
Union Contracts of 40 hours:
28 - 40 hours will receive 70% credit.
40 hours will receive 100% credit.
The Board requires total payments of under $1,000 to be paid within 30 days of the Board's vote. Cash payments for buybacks, makeups and redeposits in excess of $1,000 are to be paid over a period of not more than 90 days.
Members may make payments via payroll deductions. They must contribute their additional annuity in an amount equal to their current weekly amount of contribution. These payroll deductions will be fully taxable. Weekly payroll deductions must exceed the current amount of contribution if the balance due the system from the member will not be paid within a five‑year period using the double deduction method. The member seeking this method of buyback must complete the appropriate release form within 7 days of the Retirement Board vote.
Failure to complete the buyback within the periods stated above will nullify the approval vote of the Retirement Board.