Correction of Errors - Actuarial Equivalent Rate Policy
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 will be based on the 10-year Treasury rate in effect on January 1 st of each year.
Minimum Earnings for Membership
In accordance with PERAC Memo # 24/2009, which the Plymouth Retirement Board hereby specifically adopts by reference, retirement contributions will only be withheld from positions that independently qualify for membership in the system. Accordingly, retirement contributions will only be withheld from positions which require 20 hours of work or more per week, and the earnings therefrom must be at least $5,000.00 annually.
This policy only applies to service rendered after July 1, 2009, consistent with the provision of Section 25 of Chapter 21 of the Acts of 2009.
Voted Town of Plymouth Retirement Board: May 23, 2014
Download Minimum Earnings for Membership
Supplmental Regulation Regarding Simultaneous Elections
The Plymouth Retirement Board shall conduct a simultaneous election for the two elected members of the Board. Both terms of the elected members shall e for three years and expire on the same date. In conducting the election, the Board shall place all candidates who have been nominated in conformance with 850 CMR 7.04 on one ballot. All eligible candidates shall be listed on the ballot in an order determined by a random drawing of the names of the candidates. In the event that only two candidates have been nominated, the Board shall declare said candidates to be the elected members of the board, no elections shall be held, and said candidate shall take office and serve in all respects as though he or she had been elected by election. If there are more than two candidates an election shall be conducted and each member in or retired from the Plymouth Retirement System shall be allowed to vote for not more than two candidates. Upon tabulation of the ballots, the two candidates who receive the most votes shall be declared the elected members of the Board. In the even of a vacancy, a new election shall be conducted to fill a vacancy as soon as practicable and the member elected shall serve for the unexpired portion for the vacant term.
Meeting approved: November 28, 2000
Approved by PERAC:
Revised Regular Compensation Definition Policy
At the Retirement Board meeting of September 24, 2010, the board voted the following regular compensation policy:
Effective July 1, 2009, with the enactment of Chapter 21 of the Acts of 2009, the Plymouth Retirement Board has defined "base pay" as any compensation received by an employee upon which overtime and cost-of-living adjustment are calculated, with the exception of those payments specifically excluded from the definition of wages set forth in M.G.L. c. 32, § 1.
All other compensation, payment in kind and or benefits will not be considered regular compensation and thus will not be subject to retirement withholding.
As noted in the definition of wages in M.G.L. c. 32, § 1, compensation received by police officers, firefighters and employees of a municipal department who are employed as fire alarm signal operators or signal repairman for holidays, commonly referred to as "holiday pay," shall be considered regular compensation.
Reporting of Work-Related Injuries
A member of the Plymouth Retirement System who sustains an injury as a result of, and while in the performance of, his duties, or who believes that he has been exposed to an occupational hazard, shall complete a notice of injury and/or accident report, or the equivalent thereto, which specifically identifies the date, time and place of injury, the specific duty being performed at the time of said injury, identify the actual injury sustained or hazard undergone, identify any witnesses to said injury, the department for which the employee works, the title of the employee and to whom the injury was first reported. Said notice of injury or accident report must be filed with the Board within 90 days of suffering said injury.
Retirement Board meeting Dec. 03
Plymouth Retirement Board's Policy on Verification of Regular Compensation
It shall be the policy of the Plymouth Retirement Board to verify the regular compensation received by members of the Plymouth Retirement System upon the submission of an application for retirement. The purpose of this policy is to insure that (1) all members of the System receive the maximum retirement allowance permitted by law and (2) only payments made in conformance with the definition of "regular compensation" as defined in M.G.L. c. 32, § 1 and 840 CMR 15.00 shall be included in calculating said retirement allowance. To properly verify that any and all remuneration received by a member of the System is consistent with the statutory and regulatory definition of regular compensation, the Board shall verify that any such payment is made pursuant to a collective bargaining agreement, a contractual relationship with the Town of Plymouth or a Town of Plymouth personnel by-law, as the case may be. If it is determined that the Board has received retirement contributions from any payment to a member of the System which is not regular compensation and/or paid pursuant to a collective bargaining agreement, a contractual relationship with the Town of Plymouth or a Town of Plymouth personnel by-law, these contributions will be refunded to the member. Conversely, if it is determined that the Board has not received retirement contributions from any payment to a member of the System which is regular compensation and paid pursuant to a collective bargaining agreement, a contractual relationship with the Town of Plymouth or a Town of Plymouth personnel by-law, the member must remit to the Board the appropriate contributions to have such payment included in any retirement calculation.
September 21, 2000.
Investment Policy Statement
The Town of Plymouth Contributory Retirement System (the "Plan") has been established to provide retirement income for the town's eligible employees and their beneficiaries. The Retirement System is a qualified defined benefit plan governed by Massachusetts General Laws, Chapter 32, and subject to the fiduciary standards set forth in M.G.L. c. 32 s. 23 (3). The Plan is also subject to investment restrictions imposed by Massachusetts General Law and the Investment Regulations (840 CMR) of the Public Employee Retirement Administration Commission (PERAC).
Download Investment Policy Statement
Plymouth Retirement Board’s Policy Regarding Membership in the Plymouth Retirement System
Any individual who is permanently employed a minimum of twenty (20) regularly scheduled hours per week, in any combination of 1 or more positions, by the Town of Plymouth or a member unit of the Plymouth Retirement System ("System") shall become a member of the System. Notwithstanding the foregoing, if at any time a member of the System has his/her regularly scheduled hours reduced to less than 20 combined total hours per week, said member shall no longer have deductions withheld from his/her regular compensation, nor shall the member continue to accrue creditable service for any period during which the member's employment is less than 20 regularly scheduled hours per week. If a member of the System has his/her regularly scheduled hours increased to 20 or more per week as a permanent employee, said member will be required to have deductions withheld from his/her regular compensation and shall accrue creditable service for any such service.
This regulation shall take effect on January 1, 2008 and shall only affect new members of the System whose employment is reduced to less than 20 hours per week subsequent to January 1, 2008.
Vote Affirmed: 1/15/08