July 21, 1993:
Buy-backs: In order to purchase prior service, a person must have been or be a member of the Peabody Retirement System.
July 23, 1991:
Membership: To become a member of the Peabody Retirement System, a member must be employed in a permanent position with a normal work week of twenty (20) hours per week.
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 of the Peabody Retirement Board, 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 will be calculated for each calendar year based on the 10-year Treasury rate in effect on January 1st of each year.
The Peabody Retirement Board's policy is to make a onetime lump sum payment of the amount of the corrected benefit, together with the interest on the benefit owed computed from the date the error occurred to the date the error is corrected.
In a circumstance in which the Peabody Retirement 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, avoiding privation as best as practicable, 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, or the individual is an active System member, 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 recovery any amount due from the member, beneficiary or the member's or beneficiary's estate.
July 20, 2004:
Any purchase of military service time [pursuant to Chapter 468 of the Acts of 2002] may be paid over a five-year period. These payments may be made in one lump sum or by payroll deductions and must be paid in full within the five-year period from the date of returned application and before retirement or employment termination.