Shrewsbury Retirement Board Supplemental Regulations
- July 1, 2014: Employees hired for a position requiring at least 1,690 hours per year and pay of at least $5,000 per year are eligible for membership.
- March 25, 2010: Those employees who earn $5,000 or more per calendar year are eligible for membership in the Shrewsbury Contributory Retirement System.
- July 1, 2014: Purchase of Service: Purchases of service must be made by means of a lump sum payment by check or money order made payable to the Shrewsbury Retirement System. Existing purchase agreements entered into prior to 7/1/14 shall remain in effect.
Creditable Service: Consistent with membership eligibility, twelve (12) months of creditable service will be granted for a member working in a position that requires at least 1,690 hours per year. If a member’s hours fall below 1,690 hours per year or if the member takes a new position requiring less than 1,690 hours per year, creditable service will be granted on a pro-rated basis using 141 hours as the equivalent of one month.
- August 2, 2002: Service Liability: No liability for creditable service will be accepted for service with the Town of Shrewsbury which did not entitle the employee to membership in the Shrewsbury Retirement System (hired in a position requiring at least 1,690 hours per year and pay of at least $5,000 per year) unless the employee subsequently becomes a member of the Shrewsbury Retirement System and purchases said service while employed by the Town of Shrewsbury.
Buy Back of Prior Service: The length of creditable service an individual will be eligible to buy back will be equal to actual time worked using 1,690 hours as the basis for a full year of creditable service.
- November 29, 1994: Part-time Employees: Members designated as part-time employees (those who work less than 37 1/2 hours per week) shall be granted creditable service according to the following:
Hours per week Creditable Service
20 but not less than 22.5 ---------------- 7 Months
22.5 but not less than 25.5---------------8 Months
25.5 but not less than 28.5---------------9 Months
28.5 but not less than 32----------------10 Months
32 but not less than 35------------------11 Months
35 + ---------------------------------------12 Months
- September 20, 1990: Buy-backs Buy Back of Prior Service: The length of creditable service an individual will be eligible to buy back will be equal to actual time worked.
- January 29, 1988:
• Staff Salary: Determined by vote of the board in accordance with town salary schedule.
• Staff Benefits: Determined by vote of the board in accordance with but not limited to the
• Disclosure: Board shall perform within the disclosures law and open meeting law of the Commonwealth;
• Purchase of prior service: These part-time employees shall then have the privilege of
purchasing this past service;
• C.E.T.A. Employees: Members may purchase their C.E.TA. employment time with
creditable service pro-
rated based upon the actual hours worked.
- November 29, 1994:
• Meeting: 2nd Friday of month; changes may be made by the board;