Membership:
September 4, 2019:
A. Employees of all member units of the Belmont Retirement System who are regularly employed in a permanent position, or multiple permanent positions, for a minimum of 20 hours per week, and with an annual salary set at least $5,000 per year, must become members of the System.
B. Employees of all member units of the Belmont Retirement System who are employed less than 20 hours per week are ineligible for membership.
C. Employees elected and appointed officials of all member units of the Belmont Retirement System who are in a position for which the salary is set at less than $5,000 per year are ineligible for membership.
September 29, 2008:
The threshold for eligibility for membership in the Belmont, Mass. Contributory Retirement System for permanent part-time employment shall be a minimum of 25 hours per week of employment in a position, or combined positions, of the Town of Belmont covered by the Retirement System. This Rule is to become effective for all new employees of the Town of Belmont hired on or after the date of the approval of this local Rule by the Public Employee Retirement Administration Commission.
Creditable Service:
September 4, 2019:
A. Members of the Belmont Retirement System who are in a position for which the salary is set at 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 said term of office or employment, but not thereafter.
B. Members of the Belmont 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 a duly enrolled member's hours of employment are reduced to below 20 hours per week, whether voluntarily or involuntarily, the member shall be credited with one-half year of creditable service, or yearly proportion thereof, for each year of service.
C. Creditable service may be allowed for any period of approved leave of absence without regular compensation which is not in excess of one month, upon petition by the member. Any portion of any period of continuous leave of absence of any member without regular compensation which is in excess of one month shall not be creditable service.
D. Creditable service for previous non-contributing part-time, provisional, temporary, substitute, temporary provisional, seasonal or intermittent employment rendered to a governmental unit which is subject to the provisions of G.L. c. 32, shall be based upon actual service rendered as follows:
1 Day 7.5 hours
1 Week 37.5 hours or 5 days
1 Month 162.5 hours or 21 days
1 Year 1950 hours or 12 months
Except such employment or service rendered in a school department or school district shall be based upon actual service rendered as follows:
1 Day 6 hours
1 Week 30 hours or 5 days
1 Month 108 hours or 18 days
1 Year 1080 hours or 10 months
This regulation shall apply to creditable service calculated for member buybacks, membership transfers to other Massachusetts retirement systems and retirement benefit calculations for members of the Belmont Retirement System retiring on or after the effective date of PERAC’s approval of this regulation.
September 29, 2008:
Any employee of the Town of Belmont of its member Units who is otherwise eligible for membership in the Retirement System, who work the full number of hours assigned to that position, as long as the number of hours per week for that job function is at least 25 hours per week and the hours do not change, will receive full-time credit only if the member retires from said position. If the member moves to a full-time position or the part-time position becomes full-time, then all prior service performed as part-time service will be prorated.
Regular Compensation:
Miscellaneous:
January 29, 2025
Board Credit Card
Authorization for Use of Board Credit Card Pursuant to 840 CMR 15.05
1. The Belmont Retirement Board (BRB) hereby authorizes the implementation and use of a credit card account from a nationally recognized financial institution or provider (e.g., Visa, Mastercard, American Express, Discover, etc.), issued to and in the name of the Belmont Retirement Board/System, with a maximum credit limit of Ten Thousand ($10,000.00) Dollars.
2. Access to, and use of said credit card shall be limited to the Executive Director and the Assistant Executive Director. Board members shall not have access to, nor use of said credit card.
3. Subject to procurement requirements, the use of the credit card is authorized for the purchase of BRB-related purchases of goods, services, supplies, subscription services, conference registrations and travel expenses. The use of said credit card for personal matters, or to obtain cash advances, bank checks, traveler's checks, or electronic cash transfers is prohibited.
4. Credit card statements and supporting receipts for all charges received at the retirement office shall be reviewed, approved and paid in full on a monthly basis within ten (10) days of receipt, so as not to incur interest charges. All payments shall be ratified by the Board.
5. Any unauthorized use, or loss or theft of the credit card, must be reported immediately to the Board and to the financial institution issuing the card.
6. Continued or repeated violations of, and/or non-conformance with this supplemental regulation will result in cancellation of the credit card account and other actions as appropriate.
7. This supplementary regulation shall be reviewed from time to time or when deemed necessary to ensure compliance with 840 CMR 15.05.
July 13, 2020:
Policy on Provisional Payments to Retirees Pending PERAC Approval
The purpose of the Policy on Provisional Payments to Retirees Pending PERAC Approval is to establish a method to provide timely payments to retirees who have been approved for retirement, but whose retirement allowance calculations are subject to PERAC’s further review and approval.
As is the practice currently in place with superannuation retirees whose calculations need not be approved by PERAC, it shall be the policy of the Board that all retirees be paid as soon as practical the full amount of the retirement allowance as calculated by the Executive Director and as submitted to PERAC for approval.
If PERAC approves a retirement allowance which is greater or lesser than the amount submitted for approval, appropriate adjustment shall be made to the retirement allowance, so as to correct the Belmont Retirement System’s records and to make the retiree and/or the Belmont Retirement System whole.
September 4, 2019:
Correction of Errors:
In all cases of correction of an underpayment or non-payment of a pension or benefit to a member or beneficiary of the Belmont Retirement System which results in a one-time retroactive payment of benefits, such payment shall include interest for such period of underpayment or non-payment at the rate annually determined for such period by the Public Employee Retirement Administration Commission pursuant to G.L. c. 32, § 22(6). Said interest shall be deemed to be the actuarial equivalent of the adjustment to the pension or benefit as required by G.L. c. 32, § 20(5)(c).