Code of Massachusetts Regulations
840 CMR - PUBLIC EMPLOYEE RETIREMENT ADMINISTRATION COMMISSION
Title 840 CMR 15.00 - Miscellaneous
Section 15.05 - Board Credit Cards

(1) Retirement Boards may, by supplementary regulation, submitted to and approved by PERAC, authorize use of a credit card account issued to the Retirement Board. 840 CMR 15.05 should specifically include the amount upon which prior spending authorization is required and the categories for which the credit card account can be used.

(2) Authorized users should be voted upon by the board and included in the board meeting minutes. No one other than an authorized user may utilize the board credit card account.

(3) Any personal use of said credit card account issued to the board is prohibited.

(4) The board credit card account shall not be used to obtain cash advances, bank checks, traveler's checks, or electronic cash transfers.

(5) The credit card account billings shall be issued to the board office and any authorized user shall be required to provide receipts for all expenses included in the monthly statement within ten business days of the statement date. If receipts are not provided, the authorized user will immediately reimburse the board for those items that appear on the credit card billing.

(6) Credit card accounts issued to the board may be used to purchase supplies or other items that the Board, the board members, or the board's staff use on a regular basis in the performance of board-related duties. However, the board should follow a procurement process for the goods and services whenever possible. Credit card accounts issued to the board may also be used for board-related travel expenses, as described at 840 CMR 2.00: Retirement Board Travel, or the supplementary regulations of the board.

(7) If the board credit card is lost or stolen, this must be immediately reported to the Board and to the financial institution issuing the card.

(8) The board must pay off the credit card account in full every month so as not to incur any interest on the account.

(9) The board's supplementary regulation shall include a provision that continued or repeated non-conformance to this policy will result in cancellation of the credit card account and such other actions as appropriate.