Code of Massachusetts Regulations
610 CMR - BOARD OF HIGHER EDUCATION
Title 610 CMR 11.00 - Optional Retirement Program
Section 11.46 - Administrative Account

Universal Citation: 610 MA Code of Regs 610.11

Current through Register 1531, September 27, 2024

The costs to start-up the Optional Retirement Program and the monthly administrative costs to operate the Optional Retirement Program shall be paid from the employer contribution from the Board Optional Retirement Program Trust Fund to the Board Administrative Account.

(1) The Board shall prepare a one-time invoice consisting of Board costs to establish the Optional Retirement Program from the date the Board incurred Optional Retirement Program start-up costs through the date of the invoice.

(2) The Board C start-up costs invoice shall be submitted by the Board to the Comptroller for approval and payment shall be made from the Optional Retirement Program Trust Fund to the Optional Retirement Program Administrative Account.

(3) The Board shall prepare each month a fee invoice consisting of Board administrative direct costs and shall submit said invoice to the Comptroller for approval and payment.

(4) The Board monthly fee shall be paid from the Optional Retirement Program Trust Fund to the Optional Retirement Program Administrative Account.

(5) A monthly report shall be issued by the Board detailing the amounts transferred to the Administrative Account for the start-up costs and direct administrative costs.

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