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:
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:
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%.