Membership:
August 8, 1995
Membership in the retirement system is mandatory for part time and full time employees working 25 hours per week or more who are permanent employees
Creditable Service:
July 7, 2025
Purchase of Prior Membership Creditable Service;
Purchase of Creditable Service for Non-Membership Service;
Purchase of Prior Military Service; Installment Payments
Pursuant to 840 CMR 15.02
1. Purchase of Prior Membership Creditable Service. An active member authorized by law to purchase prior membership service by redepositing a withdrawal of accumulated deductions may purchase such service, in whole or in part, by paying an amount equal to the accumulated regular deductions withdrawn by the member, together with the appropriate statutorily defined interest. Payments may be made by lump sum payment or by an installment payment agreement approved by the Board pursuant to Paragraph 5. A member who does not complete such redeposit and purchase under an installment payment agreement prior to separating from service will be credited with creditable service in proportion to the amount redeposited.
2. Purchase of Non-Membership Creditable Service. Upon submission of documentation satisfactory to the Board, an active member may purchase creditable service for some or all periods of qualifying prior non-membership employment. Payments may be made by lump sum payment or by an installment payment agreement approved by the Board pursuant to Paragraph 5. The amount of such service granted by the Board shall be calculated pursuant to Paragraph 6. In the event the member purchases less than all non-membership service, the most recent periods must be purchased first. A member who does not complete a purchase under an installment payment agreement prior to separating from service will be credited with creditable service in proportion to the amount paid.
3. Purchase of Military Service by Veterans. Active members who qualify as a “Veteran” under the definition set forth in M.G.L. c. 32, § 1 may purchase credit for up to four years of prior qualifying military service, by paying 10% of the member’s salary upon first establishing membership in a retirement system, for each year of military service purchased. Members who terminated active service by withdrawing their total accumulated deductions and subsequently re-entered active service must pay 10% of the member’s salary upon last establishing membership in a retirement system for each year of military service purchased. Payments may be made by lump sum payment or by an installment payment agreement approved by the Board pursuant to Paragraph 5. A member who does not complete a purchase under an installment payment agreement prior to separating from service will be credited with creditable service in proportion to the amount paid.
4. Multiple Service Purchases. If membership, non-membership and military service are available to be purchased, a member has the option to choose which type of service they wish to purchase, and in which order.
5. Installment Payment Agreements.
A. Installment payment agreements approved by the Board for members purchasing prior membership service shall be the length of time of the period of service being purchased, not to exceed 5 years, and shall have statutory interest applied.
B. Installment payment agreements approved by the Board for members purchasing non-membership service shall be the length of time of the period of service being purchased, not to exceed 5 years, and shall have statutory interest applied.
C. Installment payment agreements approved by the Board for members purchasing military service credit shall be two years for every year of service being purchased, not to exceed 8 years, and are statutorily exempt from interest.
D. Where a member’s documented disability prevents the member from earning, or where a member’s extreme financial hardship is substantiated, the Board may exercise discretion to extend installment payment agreements. Under no circumstance will a member receive credit for service for which a member has not paid the corresponding amount.
6. Service Purchase Calculations.
Pursuant to G.L. c. 32, §§ 3(5) and 4(2)(c), 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 Week 35 hours or 5 days
August 8, 1995
One year of creditable service will be allowed for permanent part time employees who work 25 hours per week for 180 school days or 52 weeks a year as long as part time employment remains essentially the same.
Upon a reduction in hours to less than 25 hours per week employees will receive credit for hours worked prorated on the basis of full time employment.
Creditable Service Part time service credit is prorated on the basis of full time employment (37.5, 50, 40 or 42 hours).
Cafeteria workers working 6½ hours per day/180 school days will be allowed one year of creditable service.
Regular Compensation:
June 26, 2000
$30,000 Cap - The Town of Concord’s method for calculating the 2% supplemental assessment for employees earning more than $30,000 annualized is derived by dividing the annual salary by 52.2 weeks (26.1 biweekly) periods. The Town of Concord uses the amount over $574.71 weekly (biweekly $1,149.42) to compute the 2% assessment. The employee receives the weekly pay, 1/52.2 of annual salary throughout the year. There is no adjustment at the end of the year. According to the Compensation and Classification Bylaws of the Town, the annual rate set by the Town Meeting for employees is controlling. Accrued payroll is recorded as a budget expense on a per day basis for the town’s fiscal period July 1- June 30. The Concord Retirement Board hereby accepts the Town of Concord’s method for the 2% assessment calculation.
Miscellaneous:
July 1, 2014
Correction of Errors under G.L. c. 32, § 20(5)(c)(2)
In all cases of correction of an error by the Concord Retirement Board of an underpayment or non-payment of a pension or benefit to a member or beneficiary of the Concord Retirement System which results in a onetime 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).
In all cases of correction of an error by the Concord Retirement Board of an overpayment of a pension or benefit to a member or beneficiary of the Concord Retirement System, the amount of overpayment shall be due from the member or beneficiary, along with interest for said period of overpayment at the rate annually determined by the Public Employee Retirement Administration Commission pursuant to G.L. c. 32, § 22(6).
Pursuant to the judgment of the Supreme Judicial Court in Herrick v. Essex Regional Retirement Board, 465 Mass. 801 (2013) and PERAC Memorandum #32/2013, said interest shall be deemed to be the actuarial equivalent of the adjustment to the pension or benefit as set forth in G.L. c. 32 § 20(5)(c)(2).
In cases where a member’s contribution is insufficient, the member shall not be charged interest for the first 12 months following the discovery of the error. If total payment is not completed within 12 months after the error is discovered, actuarial interest will be applied to the unpaid balance until payment is completed.
In cases where contributions are withheld in error, the Board will refund the erroneous deductions and the member will receive that portion of the annuity savings account interest attributable to the excess contributions.