Membership:
April 1, 2010:
Any individual who is employed eighteen and three quarters (18 3/4) or more hours per week as a regular full or part time employee as defined by the Massachusetts Housing Finance Agency’s Human Resources Manual shall become a member of the Massachusetts Housing Finance Agency Employees’ Retirement System (“System”) at the time of hire upon completion and acceptance of an enrollment form by the System. Upon becoming a member of the System, a member will maintain his/her status of being a member in service and continue contributing to the System and accruing additional creditable service, consistent with the Board’s creditable service regulation even if his/her work hours fall below the minimum requirement of 18¾ hours per week.
April 1, 2010:
Individuals who are employed less than eighteen and three quarters hours (18¾) shall not be eligible for membership in the System. Furthermore, any person whose salary is under $5,000 per calendar year will not be eligible for membership.
Creditable Service:
April 1, 2010:
Members of the Massachusetts Housing Finance Agency Employees’ Retirement System (“System”) shall receive creditable service, in whole month increments, consistent with this regulation in the following manner:
Full Time Member:
For a member in service who is employed in a full-time capacity, 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.
Part-Time Member:
For a member in service who is employed in a part-time capacity throughout his/her entire career, 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.
Member Works in Both a Full Time and Part-Time Capacity:
For a member who has rendered membership service in the Massachusetts Housing Finance Agency Employees’ Retirement System in both a full-time and part-time capacity, the member shall receive creditable service as follows:
- If the member is working in a full-time capacity and reduces to part- time capacity, all membership service rendered will be credited as full- time.
- If the member is working in a part-time capacity, increases to full-time capacity and remains in a full-time capacity until the time of resignation or retirement, all part-time membership service will be prorated based on the full-time equivalent.
Notwithstanding the foregoing, part time service will only be prorated for service rendered after the adoption of this Regulation. Any part time service rendered prior to the adoption of this regulation will be credited as full time.
Member Buying Back Prior Service:
Any member purchasing past part-time service rendered for Massachusetts Housing Finance Agency shall have said service prorated based on a full time equivalent. Members may only purchase prior non-membership (a person employed as an intern or temporary employee on MHFA’s payroll) service rendered for Massachusetts Housing Finance Agency.
The effective date of this Regulation is April 1, 2010. It is important to note that all prior service rendered and/or purchased prior to the enactment of this Regulation will be credited as full-time.
Regular Compensation:
Miscellaneous:
November 22, 2016:
Correction of Errors under G.L. c. 32, s. 20(5)(c)(2)
In all cases of correction of an error by the MHFA Employees' Retirement Board of an underpayment or non-payment of a pension or benefit to a member or beneficiary of the MHFA Employees' 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 MHFA Employees' Retirement Board of an overpayment of a pension or benefit to a member or beneficiary of the MHFA Employees' 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).