Salem Retirement Board Supplemental Regulations

Subject:

Regulation:

MEMBERSHIP:

 

 

Approved: December 8, 2011:
A. Employees of all member units of the Salem Retirement System who are regularly employed in a permanent position for a minimum of 20 hours per week and who earn a minimum of $5,000 per year must become members of the System.
B. Employees of all units of the Salem Retirement System who are provisional, seasonal, or temporary, and who are regularly employed in a position for a minimum of 20 hours per week for a period of six consecutive months, and who earn a minimum of $5,000 per year, must become members of the system at the conclusion of the six-month period. Such member shall be allowed to purchase prior non-membership service.
C. Employees of all member units of the Salem Retirement System who are employed less than 20 hours per week, are ineligible for membership.
D. Employees and appointed officials of all member units of the Salem Retirement System who earn less than $5,000 per year are ineligible for membership.
E.   Employees who do not qualify for membership in the Salem Retirement system and later become members in another Chapter 32 retirement system and then seek to "buyback" their prior part-time service, Salem Retirement will not accept liability for this service.

CREDITABLE SERVICE:

Approved: December 8, 2011:

A. Members of the Salem Retirement System who earn less than $5,000 per year and who established membership prior to July 1, 2009 shall continue to be members of the system. The regular compensation of such member shall be subject to retirement withholdings, but such member shall not accrue creditable service after July 1, 2009, except that such member who on said date was serving in an elected or appointed term of office or employment shall continue to be credited with service until the expiration of his term of office or employment, or until July 1, 2012, whichever first occurs.
B. Members of the Salem Retirement System shall be credited with one year of service for each year of employment of not less than 20 hours per week, or yearly proportion thereof. If the members' hours of employment fall below 20 hours per week, the member shall be credited with one-half year of creditable service, or yearly proportion thereof.
C. It is up to the applicant to provide all essential information to the Retirement Board for all creditable service.

January 19, 2011:BUYBACK POLICY

The policy of the Salem Contributory Retirement Board in regards to buybacks, makeup and veteran’s credit is as follows:

FOR MILITARY CREDIT:                             This payment is made, when necessary, as
                                                                        a lump sum payment before retirement by
                                                                        either a cash payment or from a deferred
                                                                        comp plan.

BUYBACK OF PREVIOUS
REFUNDS:                                                     Lump sum payment at any time with
                                                                        interest.

MAKEUP FOR PREVIOUS
SERVICE FOR WHICH
NO DEDUCTIONS WERE
EVER TAKEN:                                               Lump sum payment at any time with
                                                                        interest.

All members are encouraged to make deductions to a deferred compensation plan so that their payments will be pretax.

The Retirement Board does not accept payment plans.

REGULAR COMPENSATION:

 

MISCELLANEOUS: