Membership:
July 28, 2025
Any individual who is permanently employed twenty (20) or more hours per week by any member unit of the Beverly Retirement System (“System”) or the Beverly Retirement Board and who is scheduled to annually receive at least $5,000 in regular compensation as defined in M.G.L. c. 32, § 1 and 840 CMR 15.03 shall become a member of the System. Upon becoming a member of the System, a member will continue to be a member in service until employment is terminated or the member’s death.
Any elected official who is scheduled to annually receive at least $5,000 in regular compensation may elect to become a member of the System within 90 days of assuming office.
Employees working less than 20 hours per week are ineligible for membership
November 27, 2000
Once a member joins the retirement system, they are eligible to purchase any prior employment they may have had with the city of Beverly as a seasonal, part-time, provisional or temporary worker. Employees will receive one (1) year of credit for every two (2) years worked, providing they worked at the position to be purchased continuously for at least fifteen hours per week. Employees who worked less than 15 hours per week at the position to be purchased are prorated fractionally according to the normal work week for their department.
Creditable Service:
August 26, 2025
Members of the Beverly Retirement System ("System") shall receive creditable membership service, in whole month increments, consistent with this regulation in the following manner:
- For a member in service who is employed in a full-time or part-time capacity and is working 20 hours or more per week, he/she will receive one (1) month of creditable service for each full month for which the employee receives regular compensation and remits the appropriate contributions to the System, with said service not to exceed one (1) year of creditable service in any calendar year.
- In the case of School Department employees whose full-time employment requires them to work from on or about September 1st to on or about June 30th, including but not limited to cafeteria workers, clerical and secretarial staff, teacher's assistant and teaching professionals, such as therapists, said employees shall receive one month of creditable service for each full month the employee is receiving regular compensation, with ten (10) months being the equivalent of one (1) year of creditable service.
- The Board recognizes that certain School Department employees, including but not limited to custodians and secretaries, are required to work the entire calendar year, and in such a situation, said employee's creditable service will be calculated based on a twelve (12) month year.
August 5, 2025
Creditable Service Purchase – Installment Policy
Members of the Beverly Retirement System (“System”) who previously rendered service in the City of Beverly, in a member unit of the System or as an employee of the Beverly Retirement Board (“Board”) and who were not eligible to participate in the System at the time the service was rendered, shall be eligible to purchase such past service rendered, in monthly increments, consistent with the provisions of M.G.L. c. 32, § 4(2)(c) and the Board's regulation regarding the calculation of creditable service. Members of the System who previously rendered service in another governmental unit in the Commonwealth of Massachusetts and who were not eligible to participate in the retirement system which has jurisdiction over said governmental unit shall be eligible to purchase such past service rendered provided that said service was rendered in a temporary, provisional or substitute position, in monthly increments, consistent with the provisions of M.G.L. c. 32, § 3(5) and this regulation. Creditable service shall be calculated with 174 hours being the equivalent of one (1) month's service. When purchasing prior part-time service, employees and their employers must provide the Board with official payroll records, pay stubs, W-2 forms, Internal Revenue Service records, or a combination thereof, which provides the Board with documentation of the employee’s wages and hours worked for each calendar year for which service credit is sought.
February 26, 2010
Members of the Beverly Retirement System shall receive creditable service in the following manner:
For a member in service who is employed in a full-time capacity while an employee of the City of Beverly, he/she will receive one year of creditable service for each full calendar year in which the employee is receiving regular compensation for said service.
For a member in service who is employed in a part-time capacity through his/her entire career while an employee of the City of Beverly, he/she will receive one year of creditable service for each full calendar year in which the employee is receiving regular compensation for said service.
For a member in service who has been employed in both a full-time and part-time capacity while an employee of the City of Beverly, the member will receive full-time credit for full-time service, and prorated service for part-time service based on the full-time equivalency of 35 hours for the position.
For a member who is employed in a part-time capacity throughout his/her entire career while an employee of the City of Beverly, but who either purchases past refunded service, or who has transferred into the Beverly Retirement System service rendered in a full-time capacity, the member’s part-time position shall be prorated based on the full-time equivalency of the position.
In the case of School Department or City employees whose full-time employment requires them to work on or about September 1 to on or about June 30 said employees shall receive one month of creditable service for each full month the employee is receiving regular compensation, with 10 months being the equivalent of one year of creditable service.
Employees working less than 20 hours per week are ineligible for membership. Any member who purchases past part-time service rendered shall have said service prorated based on 35 hours being considered a full week of service. In the case of an employee who has worked part-time his or her entire career, the purchase of past service rendered based on 20 hours being considered a full week of service.
Regular Compensation:
Miscellaneous:
July 31, 2025
Correction of Errors
In all cases in which a benefit calculation error occurs that results in an underpayment or non-payment of a pension or benefit to a member or beneficiary, or in the event of any overpayment as the result of an error to a member or beneficiary, the Board shall, consistent with the provisions of M.G.L. c. 32, § 20(5)(c) pay to orcollect from the member or beneficiary, as the case may be, the actuarial equivalent of the benefit paid or received in error. Pursuant to the Supreme Judicial Court's decision in Herrick v. Essex Regional RetirementBoard, 465 Mass. 801 (2013), and PERAC Memorandum #32/2013, the Board has determined that the actuarial equivalent requires that the interest to be applied will be at the rate annually determined by the Public Employee Retirement Administration Commission pursuant to G.L. c. 32 § 22(6)(b).
Credit Card Use
SECTION I. PURPOSE:
The purpose of this regulation is to establish guidelines and procedures for the use of Board issued credit cards forpurchases of goods and services, as well as for Board approved educational travel and costs associated therewith.
SECTION II. AUTHORITY:
The Board is adopting this regulation consistent with 840 CMR 15.05.
SECTION III. OBJECTIVES:
The primary objective of the credit card regulation is to establish guidelines for the Board to purchase goods and/or services as necessary to administer the retirement system and/or for Board member and staff travel related expenses incurred while attending educational conferences and/or seminars. Specifically:
- To facilitate a streamlined method of purchasing items thereby reducing paperwork and processing time;
- To eliminate the need for several "store" issued credit cards and to consolidate purchases on one credit card;
- To provide a method of purchasing items via the Internet, thereby taking advantage of more competitive pricing for certain goods; and
- To eliminate the need for Board staff to utilize their own personal funds and/or credit cards to procure goods and/or services for the Board and the retirement system's effective and efficient operation.
SECTION IV. SCOPE:
The Board will oversee the issuance of a single credit card in accordance with this regulation, and only theExecutive Director/Director/Administrator shall be authorized to use the card consistent with this regulation. Theoverall credit limit for the Board shall not exceed $10,000. Each good and service purchase shall be preceded by a competitive procurement process by which the Board or the Executive Director/Director/Administrator seeks bids/pricing from reputable and established vendors who are in the business of providing the good or service. Theprocess undertaken to procure a good or service that is not otherwise covered by M.G.L. c. 32, § 23B shall be memorialized and become part of the permanent file that is maintained consistent with this regulation, and anydocumentation the vendor submits as part of the procurement process.
SECTION V. CREDIT CARD USE:
The credit card is to be used for Board and retirement system purchases only. Use of the credit card forpersonal purchases or expenses with the intention of reimbursing the Board is strictly prohibited. Cash advances through bank tellers or automated teller machines, obtaining bank or traveler's checks, electronic cash transfers, andgift cards are strictly prohibited.
The Executive Director/Director/Administrator shall be responsible for purchases within established credit limits and shall maintain a file that is solely for the use of retaining receipts (electronic, paper or otherwise) for each purchase or credit card use. The receipts must be provided to the Board within 10 business days of the monthly statement date. If a receipt for the purchase of a good or service or pertaining to education/travel is not provided, the authorized user must reimburse the Board for the cost of the good, service or education-related expense. The Board shall be responsible for ensuring that any purchases with a Board credit card are consistent with this regulation. The Board shall review the credit card statement monthly at its regularly scheduled meeting to ensure that all credit card use is consistent with this regulation. Purchases for a good or service that exceeds $1,000 requires prior Board approval, or if the purchase is time sensitive, the Chair's prior approval.
If a return or exchange is required, the Executive Director/Director/Administrator shall verify that proper creditwas received from the vendor and submit the appropriate paperwork to the Board for its review at a regularly scheduled monthly meeting. In no case shall the Executive Director/Director/Administrator accept cash in exchange for a returned item.
It is the responsibility of the Executive Director/Director/Administrator to notify the Board, the financial institution that issued the card and the Public Employee Retirement Administration Commission ("PERAC") immediately ifthere is any suspected fraudulent activity on the credit card. It is essential that time frames and documentation requirements established by the credit card issuer be followed to protect the Board's rights in a dispute.
The credit card bill shall be paid in full and on or before the due date so as not to incur any interest charges.
SECTION VI: COMPLIANCE/CANCELLATION OF CREDIT CARD:
Continued or repeated non-conformance to this regulation will result in the cancellation of the credit card account andsuch other actions as appropriate.
SECTION VI: EFFECTIVE DATE:
This regulation shall become effective upon PERAC approval.
September 6, 2016
Supplement Regulations c. 32 s. 20(5)(c)(2) Actuarial Equivalent Rate
The Board has set the interest rate of Actuarial Equivalent at 3.75% which is based on ½ of the Actuarial Rate of Return of 7.50%.