Membership:
November 22, 2016:
Part-time and Temporary Full-time employees of the Norwood School Department shall be eligible for membership in the Norwood Retirement System after fifteen (15) months of consecutive school year employment in a position which requires him/her to work a minimum of 20 hours per week.
February 13, 1991:
Any new hires must earn a minimum of $5000.00 per year and work a minimum of twenty (20) hours per week to be eligible for membership into the Norwood Retirement System. (Traffic and Cafeteria Workers are exempt).
Creditable Service:
December 31, 1984:
1. Service Credit for Employees on Provisional Basis.
Employees who are employed on a full-time regular basis and wish to receive credit for the time they spent on a provisional or part-time basis will be given credit for each month worked prior to becoming a full-time regular employee. Any part of a month is to be considered a full month.
2. Part-time employees:.
The minimum salary for acceptance of part-time workers into the Norwood Contributory Retirement System shall be $1500.00 yearly. Anyone earning less than $1500.00 will not be accepted as a member.
In each and every case concerning part-time workers the board shall determine what service credit shall be for each individual permanent part-time position. The basis for a full year’s credit shall be 2000 hours.
The Board has determined that this policy on part-time workers shall apply to all part-time workers now in the system as well as those who join the retirement system in the future.
3. Police Traffic Supervisors and Cafeteria Workers:
Police Traffic Supervisors and School Cafeteria Workers shall receive a full year’s credit for each year worked. (Amended February 13, 1991. See Membership).
Regular Compensation:
Miscellaneous:
June 30, 2020
Policy on Provisional Payments to Retirees/Beneficiaries Pending PERAC Approval
The purpose of the Policy on Provisional Payments to Retirees Pending PERAC Approval is to provide a timely first payment to retiree/beneficiaries who have been approved to receive a retirement allowance, but whose retirement allowance calculations are subject to review and approval by PERAC.
It shall be the policy of the Board that all such retirees/beneficiaries be paid as soon as practical the monthly retirement allowance as calculated by the Board’s staff and as submitted to PERAC for approval.
If PERAC approves a retirement allowance calculation which is greater or lesser than the amount submitted for approval, appropriate adjustments shall be made to the retirement allowance, so as to correct the System’s records and to make the retiree/beneficiary and/or the System whole.
This policy shall not apply to retirees/beneficiaries who are in pay status pending PERAC approval of a recalculated retirement allowance.
December 31, 1997:
MAKE-UP PAYMENT:
The minimum deduction regarding make-up payments would be no less than $10.00 per week, or $500.00 per year.
July 7, 1986:
ELECTION RULES:
Sixty-day notice requirement for use in retirement board election.