Weymouth Retirement Board Supplemental Regulations

MEMBERSHIP:


CREDITABLE SERVICE:


REGULAR COMPENSATION:


MISCELLANEOUS:

Any member of the Weymouth Retirement System ("System") who is a veteran as defined in M.G.L. c. 32, §1 must, within one hundred and eighty (180) days of being notified by the Weymouth Retirement Board ("Board") of his /her eligibility to purchase past service rendered in the armed forces of the United States, make application to purchase said service with the Board. Upon making such application, the member may purchase his/her past military service by remitting a lump-sum payment to the Board, in an amount equal to ten percent (10%) of the regular annual compensation of the member when the member first entered a retirement system subject to the provisions of M.G.L. c. 32, for each year the member wishes to purchase, not to exceed a maximum of four (4) years of service.

Alternatively, any member may elect to purchase his/her past military service rendered by means of an installment plan, with said plan not to exceed ten (10) years. If the member purchases his/her military service in five (5) years or less, then no interest will accrue on the principal amount due. If the member takes between five (5) years and ten (10) years to purchase his/her military service, regular interest will accrue on any principal balance remaining at the end of the fifth (5) year. The installment plan will be by annual payment only, and will be payable each year on the anniversary date of the expiration of the one-hundred eighty (180) days after issuance of the notice to the member of his/her eligibility.

If any member is laid-off or his/her position is eliminated due to budgetary constraints, then the buyback period is tolled, and in the event that the, member is rehired or resumes employment with the Town of Weymouth and is then again eligible to contribute to the System, he/she must resume the installment schedule in effect prior to the layoff or termination. If the member voluntarily leaves employment with the Town of Weymouth or is terminated for cause, the buyback period will not be tolled, and the Board will grant creditable service on a prorated basis consistent with the total amount due on the buyback and the amount remitted to the Board prior to the termination of employment.

In the event that a member transfers to another retirement system prior to the completion of the installment plan, the Board will determine the amount of service purchased based on the payments received, and accept liability for said service consistent with the provisions of M.G.L. c. 32, §3(8)(c).