Membership:
June 22, 2023
Anyone permanently employed by the Town of Reading or the Reading Housing Authority, whose total service for their primary position equals 1,690 scheduled hours per year shall be enrolled in the Reading Retirement System. The primary position is defined as the position with the highest number of hours. It may not be combined with any other position. (Emphasis in original)
June 30, 2017
Anyone employed by the Town of Reading or the Reading Housing Authority, whose total service for their primary position equals or exceeds 1,690 scheduled hours per year shall be enrolled in the Reading Retirement System. The primary position is defined as the position with the highest number of hours. It may not be combined with any other position.
March 24, 2015
Anyone employed by the Town of Reading or the Reading Housing Authority, whose combined total service equals or exceeds 1690 scheduled hours per year shall be enrolled in the Reading Retirement System.
August 16, 2004
Anyone employed by the Town of Reading or the Reading Housing Authority, whose combined total service equals or exceeds 1,690 hours per year shall be enrolled in the Reading Retirement System.
March 4, 1991
Anyone employed by the Town of Reading or the Reading Housing Authority on or after July 1, 1991, as a part-time, provisional, part-time temporary, temporary provisional, seasonal or intermittent employee, shall not be eligible to the Reading Retirement System.
Creditable Service:
April 3, 2014
All eligible members must determine within 180 days of notification by the Reading Retirement Board whether or not to purchase their military service as creditable service. If choosing to purchase this military service, the member has the option of paying for this purchase at any time from the completion of his/her first year of membership until reaching his/her 10th year of membership. If, by the 10th year as a member, the member has not begun the payback, the member will not be allowed to buyback the Veteran Service.
June 19, 2003
All eligible members must determine within 180 days of notification by the Reading Retirement Board whether or not to purchase their military service as creditable service. If choosing to purchase this military service, the member has the option of paying for this purchase at any time from the completion of his/her first year of membership until reaching his/her 10th year of membership. If the member has not begun the payback by his/her 10th year as a member, then he/she must begin payroll deductions, make a lump-sum payment, or notify the Reading Retirement Board, in writing, of his/her decision to opt out of the program.
March 24, 2000
An employee who was initially enrolled as a member of the Reading Retirement System based upon employment in a full-time capacity and who subsequently takes a part-time position shall have the part-time service pro-rated according to the following schedule:
| Hours per Week | Creditable Service |
|---|---|
| Over 14.0 | 5 months |
| Over 16.5 | 6 months |
| Over 19.0 | 7 months |
| Over 21.5 | 8 months |
| Over 24.5 | 9 months |
| Over 27.0 | 10 months |
| Over 29.5 | 11 months |
| 32.5+ | 12 months |
If a member’s average weekly hours are based on a 52-week calendar year are over the amounts in the pro-ration table, the member will be credited with the service as listed.
For example, if a member works 22 hours per week for 15 years and then takes a full-time position for 10 additional years, the member would receive a total of 20 years of creditable service. The member would receive 8 months of creditable service for each of the 15 years that he/she worked 22 hours per week based on the above schedule. This amounts to 120 months or 10 years of creditable service. The member would also receive 10 years of creditable service for the ten years of full-time employment for a total of 20 years. Since the member’s retirement allowance is calculated utilizing his/her highest three-year average annual rate of regular compensation (i.e., the full-time salary), the loss of creditable service upon conversion from part-time to full-time employment is offset by the increase in the rate of compensation used to calculate the amount of the retirement allowance.
March 7, 1996
Buybacks
The Retirement Board will not allow members to buy back previous employment with the Town of Reading on or after July 1, 1991, when the Town was required to withhold and match Social Security deductions. By allowing buybacks the Board would be requiring the Town to fund two retirements for the same period of employment. If, however, the employee had not contributed to Social Security, but opted for the ICMA deferral instead, the employee will be allowed to buy back time, as the Town does not match those deductions.
Regular Compensation:
Miscellaneous:
June 3, 2021
POLICY FOR CONDUCTING ELECTIONS
The Reading Retirement Board hereby incorporates by reference and affirms that all elections shall be conducted in conformance with the provisions of 840 CMR 7.00 et seq. Candidates for election to the Board will be provided with a copy of this policy.
Each candidate shall have the opportunity to provide a written statement ("Candidate Statement") to the Board not in excess of seventy-five (75) words for dissemination to the membership as to why he or she is seeking election to the Board. It shall be the candidate's responsibility to provide the Candidate Statement to the Board no later than the day nomination papers are due, as the Candidate Statement shall be provided to each member with the election ballot. Under no circumstances will a Candidate Statement be accepted by the Board after the deadline for submitting nomination papers. Attached to the Candidate Statement should be contact information so that the Board or its staff may contact the candidate as necessary.
The Board respects each and every candidate's Constitutional right to the freedom of speech and expression. The Board encourages each candidate to submit a statement which provides personal background information, educational achievement, employment experience and a well thought out articulation as to why the candidate believes that he or she will be an asset to the Board in serving the members of the Reading Retirement System. Notwithstanding the foregoing, the Board reserves the right to reject any Candidate Statement which contains offensive language, disparages another candidate or individual or contains demonstrably false or inaccurate information. Each Candidate Statement shall be reviewed and approved by the Board's Election Officer who at her discretion may confer with Board counsel regarding the propriety of the Candidate Statement. In the event that the Election Officer determines the Candidate Statement violates the Board's Election Policy as stated herein, the candidate shall be notified as soon as practicable and given the opportunity to provide an amended Candidate Statement, which will also be reviewed consistent with the Election Policy. The decision and determination by the Election Officer regarding the propriety of the Candidate Statement shall be final. (Emphasis in original.)
In the event that a candidate elects not to submit a Candidate Statement or the Candidate Statement is rejected and no further Candidate Statement is submitted and/or approved by the Election Officer, the Board shall distribute ballots with only those Candidate Statements which have been approved by the Election Officer. The information provided to the members will simply state that each candidate was provided the opportunity to submit a written statement in support of his or her candidacy.
September 25, 2018
CORRECTION OF ERROR INTEREST RATE
At the Regular Board Meeting of September 25, 2018, the Reading Retirement Board reviewed PERAC Memo #14/2018 issued on March 5, 2018 and agreed upon a Correction of Error Interest Rate as the 10 year Treasury Note Rate which will be determined on January 1st of the year that the interest will be applied and apply that interest rate for all years that are impacted.
The intent of the Board was not to utilize a different rate for each year but to use the interest rate at the time interest needs to be paid and to use that same rate for each year that would be applicable. So come January 1, 2019, the Board will use the 10 year Treasury yield and apply that rate consistently to any year that is impacted.
July 26, 2018
CREDIT CARD USE AND MEAL ALLOTMENT
The Reading Retirement Board (“Board”) hereby incorporates by reference and adopts as its own 840 CMR 2.00 et seq. as it relates to Board Member and staff travel pertaining to Board business and attendance at educational seminars and/or conferences.
Credit Card Use
The Board has determined pursuant to 840 CMR 2.11 that obtaining a Board credit card is necessary in furtherance of the Reading Retirement System’s (“System”) efficient administration. The credit card’s use will be strictly limited to advance booking of educational conferences and travel accommodations related thereto, consistent with 840 CMR 2.00 et seq. The credit card shall be issued in the Board’s name, with all billing statements sent directly to the Board’s office. To the extent that a receipt is generated in conjunction with the credit card use, the Board shall retain copies of all receipts for a period of seven (7) years. The Board’s credit card shall not be used for the purchase of office supplies and the like, and it shall only be used consistent with 840 CMR 2.11 and this supplemental regulation. To the extent that such purchases are most cost effectively made through the use of a credit card, the Board may authorize the reimbursement for the use of a personal credit card for this purpose, provided that proper documentation is provided that itemizes the purchases related solely to the Board and System’s effective administration and operation. Such authorization must be authorized prior to the purchase.
Personal use of the Board’s credit card is strictly prohibited. The Board shall obtain a credit card with the lowest competitive interest rate, although the Board’s administrator shall be authorized to pay the credit card bill in full prior to the payment due date so as not to incur any interest charge or late fee. Any so-called points or benefits associated with the credit card’s usage shall solely be for the benefit of further use of the credit card consistent with and limited to this regulation.
Meal Reimbursement
The Board recognizes that from time to time, attendance at an educational conference or seminar will not include meals, or if a Board member or staff person is required, for example, to appear as a witness in an administrative or court proceeding, or to appear at a deposition, and there is a recess in the proceeding for the purpose of a lunch break. In such circumstances, the Board hereby authorizes a reimbursement not to exceed $25 per meal or $75 in the aggregate per day. Notwithstanding the foregoing, if Board member or staff attendance at an educational conference or seminar is at a high-cost location, the Board may authorize reimbursement in excess of the foregoing meal/daily allotments. Board members and/or staff must provide an itemized receipt for meal reimbursement. No reimbursement shall be made for the purchase of alcoholic beverages. Reimbursement shall include customary gratuities per meal.
July 24, 2009
Recovery of Amounts in Excess of the Limitations Set Forth in G.L. c. 3, s. 91A
Any disability retiree from the Reading Retirement System who submits a statement of earnings to the Public Employee Retirement Administration Commission reflecting earnings in excess of the limits set out in G.L. c. 32, § 9lA shall repay to the Board the amount of his/her retirement allowance equal to such excess earnings either in a lump sum or over an installment period not to exceed twelve months. Where a member elects to repay the amount owed to the Board in installment payments, the Board secretary will calculate a repayment schedule to recoup the amount owed within the installment period. If any such repayment schedule requires withholding of the entire amount of a retiree’s allowance, he/she may need to arrange to pay the percentage of premiums for health and life insurance which would otherwise be deducted from his/her monthly allowance in order to maintain insurance coverage.
June 22, 1994
The Reading Retirement System has adopted the Town of Reading personnel polices for their staff members that are equal to the benefits of the Town of Reading employees.