807 CMR, § 10.05

Current through Register 1533, October 25, 2024

Section 10.05 - Implementation

(1) A member purchasing creditable service pursuant to M.G.L. c. 32, § 4(1)(g1/2) must pay into the Annuity Savings Fund an amount equal to the deductions that would have been withheld had the member continued in service, together with buyback interest. Contributions will be made at the rate of 5% of the Compensation for each year.

(2) The Presumed Salary for each year is as follows:

School Year	Presumed Salary	School Year	Presumed Salary	School Year	Presumed Salary	School Year	Presumed Salary
1954-55	$4,045	1960-61	$5,500	1966-67	$7,300	1972-73	$10,519
1955-56	$4,140	1961-62	$5,775	1967-68	$7,550	1973-74	$11,128
1956-57	$4,325	1962-63	$6,075	1968-69	$8,100	1974-75	$12,734
1957-58	$4,650	1963-64	$6,275	1969-70	$8,764	1975-76	$13,519
1958-59	$4,950	1964-65	$6,950	1970-71	$9,611	1976-77	$14,311
1959-60	$5,300	1965-66	$7,100	1971-72	$10,178	1977-78	$15,336

If a member has more than four years of Maternity Leave, or chooses to purchase fewer than four years, the Board will specify which years may be purchased. All service must be purchased in increments of whole months.

(3) Members paying pursuant to an installment plan must pay installment interest in addition to the buyback interest required in 807 CMR 10.05(1). The installment interest rate equals the buyback interest rate.

(4) A retired member requesting to receive creditable service pursuant to M.G.L. c. 32, § 4(1)(g3/4) must apply on the form provided by the System for that purpose.

807 CMR, § 10.05

Amended by Mass Register Issue 1324, eff. 10/21/2016.