Membership:
January 27, 2011:
Any individual who is permanently employed twenty (20) or more hours per week by the Town of Weymouth, Weymouth School Department, Weymouth Housing Authority or the Weymouth Retirement Board shall become a member of the Weymouth Retirement System (“System”) at the time of hire. In addition to the foregoing, an employee, which includes elected and appointed officials, must earn at least $5,000 per year in regular compensation to be eligible for membership in the System. This regulation codified the Board’s longstanding policy of requiring individuals to be permanently employed 20 or more hours per week to become a member of the System, and incorporates the provisions of M.G.L. c. 32, § 4(1)(o), as amended, which precludes creditable service for any individual who does not earn at least $5,000 per year.
Creditable Service:
June 21, 2013:
Members of the Weymouth Retirement System (“System”) who previously rendered service in the Town of Weymouth, in a member unit of the System or as an employee of the Weymouth Retirement Board (“Board”) and who were not eligible to participate in the System at the time the service was rendered, shall be eligible to purchase such past service rendered, in monthly increments, consistent with the provisions of M.G.L. c. 32, § 4(2)(c) and the Board’s regulation regarding the calculation of creditable service. Members of the System who previously rendered service in another governmental unit in the Commonwealth of Massachusetts and who were not eligible to participate in the retirement system which has jurisdiction over said governmental unit shall be eligible to purchase such past service rendered provided that said service was rendered in a temporary, provisional or substitute position, in monthly increments, consistent with the provisions of M.G.L. 32, § 3(5) and the Board’s regulation regarding the calculation of creditable service.
December 7, 2006:
Members of the Weymouth Retirement System shall receive creditable service, in whole month increments, consistent with this regulation in the following manner:
- 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 Weymouth Retirement System, with said service not to exceed one (1) year of creditable service in any calendar year;
- 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 Weymouth Retirement System, with said service not to exceed one (1) year of creditable service in any calendar year.
- For a member who has rendered membership service in the Weymouth Retirement System in both a full-time and part-time capacity, the member shall receive full credit for all full-time service and prorated credit for part-time service based on the full-time equivalency of 35 hours per week.
- For a member who is employed in a part-time capacity throughout his/her career but who either purchases past refunded service, or has transferred into the Weymouth Retirement System previous service rendered in a full-time capacity, the member’s part-time service shall be prorated based on the full-time equivalency of 35 hours per week.
- In the case of School Department employees whose full-time employment requires them to work from on or about September 1st on or about June 30th, including but not limited to cafeteria workers, clerical and secretarial staff, teacher’s assistant and teaching professionals, such as therapists, said employees shall receive one month of creditable service for each full month the employee is receiving regular compensation, with ten (10) months being the equivalent of one (1) year of creditable service. School Department employees who are employed in a part-time capacity shall have their creditable service prorated in the same manner as all members of the Weymouth Retirement System as set forth in this regulation.
- The Board recognizes that certain School Department employees, including but not limited to custodians and secretaries, are required to work the entire calendar year, and in such a situation, said employee’s creditable service will be calculated based on a twelve (12) month year.
- Creditable service for 10 month employees shall be based on 1,202.5 hours being the equivalent of 1 year, whereas creditable service for 12 month employees shall be based on 1,827 hours per year.
- Any member purchasing past part-time service rendered shall have said service prorated based on 35 hours per week being considered a full week of service. Notwithstanding the foregoing any member who works part-time his/her entire career, and purchases past part-time service rendered, will have all creditable service deemed to be full-time.
Regular Compensation:
Miscellaneous:
November 22, 2016
Correction of Errors
In all cases in which a benefit calculation error occurs that results in an underpayment or non-payment of a pension or benefit to a member or beneficiary, or in the event of any overpayment as the result of an error to a member or beneficiary, the Board shall, consistent with the provisions of M.G.L. c. 32, § 20(5)(c) pay to or collect from the member or beneficiary, as the case may be, the actuarial equivalent of the benefit paid or received in error. Pursuant to the Supreme Judicial Court's decision in Herrick v. Essex Regional Retirement Board, 465 Mass. 801 (2013) and PERAC Memorandum #32/2013, the Board has determined that the actuarial equivalent requires that the interest to be applied for each calendar year will be the 10 year Treasury Rate in effect on January 1st of that year.
September 22, 2003:
Purchase of Past Service Rendered As A Veteran
Any member of the Weymouth Retirement System ("System") who is a veteran as defined in M.G.L. c. 32, §1 must, within one hundred and eighty (180) days of being notified by the Weymouth Retirement Board ("Board") of his /her eligibility to purchase past service rendered in the armed forces of the United States, make application to purchase said service with the Board. Upon making such application, the member may purchase his/her past military service by remitting a lump-sum payment to the Board, in an amount equal to ten percent (10%) of the regular annual compensation of the member when the member first entered a retirement system subject to the provisions of M.G.L. c. 32, for each year the member wishes to purchase, not to exceed a maximum of four (4) years of service.
Alternatively, any member may elect to purchase his/her past military service rendered by means of an installment plan, with said plan not to exceed ten (10) years. If the member purchases his/her military service in five (5) years or less, then no interest will accrue on the principal amount due. If the member takes between five (5) years and ten (10) years to purchase his/her military service, regular interest will accrue on any principal balance remaining at the end of the fifth (5) year. The installment plan will be by annual payment only, and will be payable each year on the anniversary date of the expiration of the one-hundred eighty (180) days after issuance of the notice to the member of his/her eligibility.
If any member is laid-off or his/her position is eliminated due to budgetary constraints, then the buyback period is tolled, and in the event that the, member is rehired or resumes employment with the Town of Weymouth and is then again eligible to contribute to the System, he/she must resume the installment schedule in effect prior to the layoff or termination. If the member voluntarily leaves employment with the Town of Weymouth or is terminated for cause, the buyback period will not be tolled, and the Board will grant creditable service on a prorated basis consistent with the total amount due on the buyback and the amount remitted to the Board prior to the termination of employment.
In the event that a member transfers to another retirement system prior to the completion of the installment plan, the Board will determine the amount of service purchased based on the payments received, and accept liability for said service consistent with the provisions of M.G.L. c. 32, §3(8)(c).