Code of Massachusetts Regulations
807 CMR - TEACHERS' RETIREMENT BOARD
Title 807 CMR 9.00 - Elective Payroll Deductions For Retirement Plus Accelerated Contributions Under Mgl C. 32, S.5
Section 9.06 - Irrevocability of Authorization
Current through Register 1518, March 29, 2024
All such payroll deductions, including the amounts and the duration specified, shall be binding and irrevocable upon the member's execution of the prescribed form.
Notwithstanding the above, such deductions will cease only after the authorization has expired by its terms or upon any of the following events:
(1) The Member's Death. In this event, an eligible beneficiary or spouse having a right to a member-survivor allowance shall pay the remaining amount owed in one lump sum (using after-tax dollars). If the entire remaining amount cannot be paid due to I.R.C. § 415 limitations, the beneficiary or spouse eligible for a member-survivor allowance shall be entitled to the actuarially reduced benefit available under M.G.L. c. 32, § 5.
(2) The Termination of the Member's Employment. In this event, the member shall pay the entire remaining amount owed in one lump sum (using after tax dollars) during the same calendar year and within six months of the date of termination or before the date of retirement, whichever occurs earlier, and receive the entire retirement plus benefit. If the remaining amount cannot be paid due to I.R.C. § 415 limitations and the member retires, he or she will receive the actuarially reduced benefit available under M.G.L. c. 32, § 5 only if the employment terminated involuntarily.
For purposes of 807 CMR 9.06(1) and (2), after tax contributions shall only be received to the extent allowed by § 415 of the Internal Revenue Code.
(3) In no event shall the member receive a return of the payroll deductions made hereunder, except as a refund together with all other contributions as provided in M.G.L. c. 32, § 10, or as provided in M.G.L. c. 32, § 5 with respect to a member who retires or terminates without completing 30 years of creditable service.
