Code of Massachusetts Regulations
610 CMR - BOARD OF HIGHER EDUCATION
Title 610 CMR 11.00 - Optional Retirement Program
Section 11.17 - Employer Contributions
Universal Citation: 610 MA Code of Regs 610.11
Current through Register 1531, September 27, 2024
The State Employees' Retirement System shall contribute an amount equal to 5% of the regular pay as defined in M.G.L. c. 32 of a participating Optional Retirement Program employee, as follows:
(1) Up to 1% of the employer contribution shall go to an Optional Retirement Program Life and Disability Account.
(2) The balance of the employer contribution shall be transferred to an Optional Retirement Program Provider Account:
(a) A monthly fee amount
established by the Council to be approved by the Comptroller shall be
transferred to the Optional Retirement Program Administrative Account to pay
for the direct costs to administer the Program and the costs to establish the
Program.
(b) The balance of the
employer contribution shall be transferred to the Optional Retirement Program
employee contract(s) or custodial account(s) in direct proportion to each
employee's regular compensation.
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