Code of Massachusetts Regulations
103 CMR - DEPARTMENT OF CORRECTION
Title 103 CMR 405.00 - Fund Accounts
Section 405.09 - Interest Income Earned from Funds on Deposit

Universal Citation: 103 MA Code of Regs 103.405
Current through Register 1531, September 27, 2024

The Department shall maintain an account with the State Treasurer that consolidates all FAs, regardless of the type of funds, for each I/I or C/C in the custody of the Department in order to maximize interest income; the Department shall award interest as required by M.G.L. c. 127, §48A, and may award interest on all other monies whenever feasible. The Department shall credit each active FA account with interest earned. Interest earned by and not credited to inmate personal accounts shall be credited to a Department account(s) and utilized for inmate benefit. To be credited with interest income for the current period, an account must be active in the system the day the interest is posted. The calculation for the distribution of interest and the posting of interest to all accounts will be accomplished via the FAS.

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