Code of Massachusetts Regulations
807 CMR - TEACHERS' RETIREMENT BOARD
Title 807 CMR 10.00 - MATERNITY SERVICE PURCHASES
Section 10.05 - Implementation
Current through Register 1531, September 27, 2024
(1) A member purchasing creditable service pursuant to M.G.L. c. 32, § 4(1)(g1/2) must pay into the Annuity Savings Fund an amount equal to the deductions that would have been withheld had the member continued in service, together with buyback interest. Contributions will be made at the rate of 5% of the Compensation for each year.
(2) The Presumed Salary for each year is as follows:
|
School Year |
Presumed Salary |
School Year |
Presumed Salary |
School Year |
Presumed Salary |
School Year |
Presumed Salary |
|
1954-55 |
$4,045 |
1960-61 |
$5,500 |
1966-67 |
$7,300 |
1972-73 |
$10,519 |
|
1955-56 |
$4,140 |
1961-62 |
$5,775 |
1967-68 |
$7,550 |
1973-74 |
$11,128 |
|
1956-57 |
$4,325 |
1962-63 |
$6,075 |
1968-69 |
$8,100 |
1974-75 |
$12,734 |
|
1957-58 |
$4,650 |
1963-64 |
$6,275 |
1969-70 |
$8,764 |
1975-76 |
$13,519 |
|
1958-59 |
$4,950 |
1964-65 |
$6,950 |
1970-71 |
$9,611 |
1976-77 |
$14,311 |
|
1959-60 |
$5,300 |
1965-66 |
$7,100 |
1971-72 |
$10,178 |
1977-78 |
$15,336 |
If a member has more than four years of Maternity Leave, or chooses to purchase fewer than four years, the Board will specify which years may be purchased. All service must be purchased in increments of whole months.
(3) Members paying pursuant to an installment plan must pay installment interest in addition to the buyback interest required in 807 CMR 10.05(1). The installment interest rate equals the buyback interest rate.
(4) A retired member requesting to receive creditable service pursuant to M.G.L. c. 32, § 4(1)(g3/4) must apply on the form provided by the System for that purpose.
