Code of Massachusetts Regulations
610 CMR - BOARD OF HIGHER EDUCATION
Title 610 CMR 11.00 - Optional Retirement Program
Section 11.43 - Member Contributions
Current through Register 1531, September 27, 2024
Optional Retirement Program member contributions shall be deducted once each month on the Thursday before the second to last Saturday of each month, or according to the payroll schedule as promulgated by the Commonwealth's payroll system. The current pay period begins the day following the last Saturday of each month and ends on the last Saturday of the next month, or as defined by the Commonwealth's payroll system.
(1) Optional Retirement Program member contributions shall be held in a Board Employee Deduction Escrow Account maintained by the Board until such time the employee elects to or not to participate in the Optional Retirement Program, or the initial 90 day election period expires.
(2) The cumulative member contributions deducted shall accrue interest while in the Board Employee Deduction Escrow Account.
(3) Upon election by the employee to participate in the Optional Retirement Program, the escrowed member contributions with interest shall be transferred by the Board from the Board Employee Deduction Escrow Account to the Employee's Optional Retirement Program account at the Provider.
(4) Upon election by the employee to not participate in the Optional Retirement Program, or when the initial 90 day election period expires without election by the employee, the escrowed member contributions shall be transferred by the Board from the Board Employee Deduction Escrow Account to the Employee's Member Account at the State Board of Retirement. Interest earnings on said contributions shall be paid from the Board Employee Deduction Escrow Account to the employee.
(5) An employee electing not to participate in the Optional Retirement Program or whose election period to participate in the Optional Retirement Program expires, shall become a member of the State Employees' Retirement System in accordance with existing statutes.