Code of Massachusetts Regulations
610 CMR - BOARD OF HIGHER EDUCATION
Title 610 CMR 11.00 - Optional Retirement Program
Section 11.44 - 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 compensation of each participating Optional Retirement Program employee to the Optional Retirement Program. This employer contribution shall be paid directly by the State Employees' Retirement System to the Board Optional Retirement Program Trust Fund.

(1) The Board shall make a monthly accounting and shall submit to the State Retirement Board within ten working days after the last Saturday of each month, by individual and in total, a report of the dollars of regular compensation of Optional Retirement Program participants.

(2) The Board shall also present to the State Retirement Board within ten working days after the last Saturday of each month, or the last day of the pay period, an invoice amounting to 5% of the total regular compensation of Optional Retirement Program participants for the State Retirement Board to pay to the Board.

(3) The State Retirement Board shall utilize the State warrant process to submit a payment to the Board within ten working days of receipt of the Board invoice.

(4) The State Retirement Board shall make the employer contribution payment directly to the Board Optional Retirement Program Trust Fund.

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