Membership:
November 5, 2012:
Any person shall be deemed eligible for membership in the Retirement System if such person is regularly employed in the service of the Town of Wellesley or the Wellesley Housing Authority on a basis which anticipates work at the rate of one thousand (1000) hours or more each year.
- Every member of the Retirement System shall receive credit for each calendar year according to the extent, of that service for the Town of Wellesley during such year, as follows:
A. A member who is compensated throughout the year on a fulltime basis shall be credited with one year of service with respect to such year.
B. If a member’s service is not on a fulltime basis throughout the year, the Board shall determine the proportion of a full year for which credit is given is to be allowed. In such cases, credit will be given with respect to a calendar year for a prorated portion of one year’s service determined by dividing (a) the number of hours actually worked or credited during such year by (b) the number of hours expected to be worked during such year by an employee doing similar work on a fulltime basis; and such prorated portion of a year, if not a whole number of months, shall be adjusted to be equivalent to the next highest whole number of months.
C. A member who is employed during a calendar year by the Town on a fulltime basis, but who has had periods of absence with partial compensation or without pay will be credited with respect to such year with a prorated portion of one year’s service determined by dividing (a) the sum of the actual deductions with respect to such year by (b) what the deductions for such year would have been had a full year’s compensation been received; and such prorated portion of a year, if not a whole number of months, shall be adjusted to be equivalent to the next highest whole number of months.
Creditable Service:
D. An employee, part of whose services for the Town falls within one of the classes excluded under paragraph II(3), but who is a member of the Retirement System by virtue of other employment by the Town, shall receive credit during any calendar year on the basis of such employee’s eligible service only.
E. If a member received compensation for eligible service from two or more appropriations during a calendar year, such member shall be credited with up to one year of service with respect to such year, the amount of such credit to be computed by dividing (a) the total hours for which compensation was received for eligible service during such year by (b) 2000; but such credit shall not exceed one year, and any credit for a portion of a year, if not a whole number of months, shall be adjusted to be equivalent to the next highest whole number of months.
- The number of years and full months of creditable service to be used in computing the member’s retirement allowance shall be taken as the sum of the amounts of service credited for each of the years during which the member was a member of the Retirement System
Regular Compensation:
Miscellaneous:
July 22, 2016
Payment of Interest - Correction of Errors
The provisions of M.G.L. c. 32, § 20(5)(c)(2) state "[w]hen an error exists in the records maintained by the system or an error is made in computing a benefit and, as a result, a member or beneficiary receives from the system more or less than the member or beneficiary would have been entitled to receive had the records been correct or had the error not been made, the records or error shall be corrected and as far as practicable, and future payments shall be adjusted so that the actuarial equivalent of the pension or benefit to which the member or beneficiary was correctly entitled shall be paid. If it is determined that a member has contributed an incorrect amount to the retirement system, the member shall be required to contribute an amount sufficient to correct such error or the board shall pay an amount to the member to correct such error, as the case may be".
The Board's policy with respect to the correction of such errors, and the calculation of what constitutes the actuarial equivalent, consistent with the decision rendered in Herrick v. Essex Regional Retirement Board, 465 Mass. 801 (2013) and PERAC Memorandum #32/2013, shall require the Board to pay to the member or beneficiary, or in the case in which a member or beneficiary has been overpaid by the Board, the amount of the corrected benefit, together with three percent (3%) annual interest on the benefit paid or owed, as the case may be, computed from the date the error occurred to the date the error was corrected. In a circumstance in which the Board owes funds to the member or beneficiary, the Board will make a one-time lump-sum payment of the amount owed, and prospectively from the date of payment correct the error such that the member or beneficiary receives the corrected monthly benefit. In a circumstance in which the Board is owed funds by a member or beneficiary to correct an error, the Board shall in its sole discretion withhold an amount it deems appropriate from the member's or beneficiary’s monthly benefit until such time as the debt is fully recovered. In a circumstance in which the Board is owed funds by a member or beneficiary to correct an error, and the member or beneficiary is no longer entitled to receive a monthly benefit, the Board will seek to recover any amount owed in the most prudent and practical manner possible, and reserves the right to maintain an action in contract to recover any amount due from the member, beneficiary or the member's or beneficiary's estate.
July 3, 1985
AMENDMENTS TO COMPREHENSIVE RULES:
XI Adjustment of Disability Retirement Allowance Under Sec. 8