Membership:
July 20, 2015:
Part-time, provisional, temporary, temporary provisional, seasonal or intermittent employees are excluded from initial membership.
Elected officials paid less than $5,000 per year are excluded from initial membership.
July 1, 2014:
Employees hired for a position requiring at least 1,690 hours per year and pay of at least $5,000 per year are eligible for membership.
March 25, 2010:
Those employees who earn $5,000 or more per calendar year are eligible for membership in the Shrewsbury Contributory Retirement System.
Creditable Service:
July 1, 2014:
Purchase of Service:
Purchases of service must be made by means of a lump sum payment by check or money order made payable to the Shrewsbury Retirement System. Existing purchase agreements entered into prior to 7/1/14 shall remain in effect.
Creditable Service:
Consistent with membership eligibility, twelve (12) months of creditable service will be granted for a member working in a position that requires at least 1,690 hours per year. If a member’s hours fall below 1,690 hours per year or if the member takes a new position requiring less than 1,690 hours per year, creditable service will be granted on a pro-rated basis using 141 hours as the equivalent of one month.
August 2, 2002:
Service Liability:
No liability for creditable service will be accepted for service with the Town of Shrewsbury which did not entitle the employee to membership in the Shrewsbury Retirement System (hired in a position requiring at least 1,690 hours per year and pay of at least $5,000 per year) unless the employee subsequently becomes a member of the Shrewsbury Retirement System and purchases said service while employed by the Town of Shrewsbury.
Buy Back of Prior Service:
The length of creditable service an individual will be eligible to buy back will be equal to actual time worked using 1,690 hours as the basis for a full year of creditable service.
November 29, 1994:
Part-time Employees:
Members designated as part-time employees (those who work less than 37 1/2 hours per week) shall be granted creditable service according to the following:
| 20 but not less than 22.5 | 7 months |
| 22.5 but not less than 25.5 | 8 months |
| 25.5 but not less than 28.5 | 9 months |
| 28.5 but not less than 32 | 10 months |
| 32 but not less than 35 | 11 months |
| 35+ | 12 months |
Regular Compensation:
Miscellaneous:
January 22, 2024:
Electronic Signatures
The Shrewsbury Contributory Retirement System will allow signatures in compliance with PERAC regulation 840 CMR 28.00 and as specified for each form or document listed below.
Electronic signatures will be solicited and accepted via Adobe or in the event of a change in providers a Board approved software program, provided said provider has a method for providing authentication.
The following forms and documents are allowed to be completed with electronic signatures:
Monthly Cash Disbursements Warrant: Either by electronic signature or wet signature, as defined by PERAC regulation 840 CMR 28.00; but signatures will not be allowed to be submitted via faxed document or via scanned document. Documents to be signed will be sent to the signers' town provided email addresses. The signer will be provided with an access code to view the document. Electronic copies of fully signed document will be stored and maintained in accordance with prescribed retention rules published by the Secretary of the Commonwealth of Massachusetts.
Board Meeting Minutes: Either by electronic signature or wet signature, as defined by PERAC regulation 840 CMR 28.00; but signatures will not be allowed to be submitted via faxed document or via scanned document. Documents to be signed will be sent to the signers' town provided email addresses. The signer will be provided with an access code to view the document. Electronic copies of fully signed document will be stored and maintained in accordance with prescribed retention rules published by the Secretary of the Commonwealth of Massachusetts.
Staff Payrolls and Board Stipends: Either by electronic signature or wet signature, as defined by PERAC regulation 840 CMR 28.00; but signatures will not be allowed to be submitted via faxed document or via scanned document. Documents to be signed will be sent to the signers' town provided email addresses. The signer will be provided with an access code to view the document. Electronic copies of fully signed document will be stored and maintained in accordance with prescribed retention rules published by the Secretary of the Commonwealth of Massachusetts.
Retiree Monthly Payrolls: Either by electronic signature or wet signature, as defined by PERAC regulation 840 CMR 28.00; but signatures will not be allowed to be submitted via faxed document or via scanned document. Documents to be signed will be sent to the signers' town provided email addresses. The signer will be provided with an access code to view the document. Electronic copies of fully signed document will be stored and maintained in accordance with prescribed retention rules published by the Secretary of the Commonwealth of Massachusetts.
Approval of Automatic Payments: Either by electronic signature or wet signature, as defined by PERAC regulation 840 CMR 28.00; but signatures will not be allowed to be submitted via faxed document or via scanned document. Documents to be signed will be sent to the signers' town provided email addresses. The signer will be provided with an access code to view the document. Electronic copies of fully signed document will be stored and maintained in accordance with prescribed retention rules published by the Secretary of the Commonwealth of Massachusetts.
December 1, 2016:
Correction of Errors under G.L. c. 32, § 20(5)(c)(2)
In all cases of correction of an error by the Shrewsbury Retirement Board of an underpayment or nonpayment of a pension or benefit to a member or beneficiary of the Shrewsbury 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 Shrewsbury Retirement Board of an overpayment of a pension or benefit to a member or beneficiary of the Shrewsbury 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). The Shrewsbury Retirement Board reserves the right to waive payment of interest in the case of an error of overpayment to a member or beneficiary.
January 29, 1988:
Staff Salary:
Determined by vote of the board in accordance with town salary schedule.
Staff Benefits:
Determined by vote of the board in accordance with but not limited to the Personnel bylaw.
Disclosure:
Board shall perform within the disclosures law and open meeting law of the Commonwealth.
C.E.T.A.:
Members may purchase their C.E.TA. employment time with creditable service pro-rated based upon the actual hours worked.