INTEREST POLICY ON REPAYMENT OF MONEY DUE RETIREMENT SYSTEM
The Springfield Retirement Board at the meeting on September 11, 2019, voted to adopt an interest due policy on any monies due the Springfield Retirement System. This policy shall henceforth be applied to payments due the Springfield Retirement System for the matters which follow: 1) Excess Earnings for disability retiree–M.G.L. c. 32 Section 91A-Disability Retiree owing excess earnings payment may request to have his repayment deducted from his retirement allowance. A Disability Retiree who requests to have his excess Earnings deducted from his retirement allowance must do so in writing. Repayment request will be allowed up to a maximum of eight (8) months for money owed to the System. In addition to the excess earnings amount, the retiree will also pay interest on said earnings at the current Buyback Interest Rate for the current year. 2) Payments due for offset pursuant to M.G.L. c. 32 Section 14 & 14A, not paid as one lump sum amount, will incur interest at the Buyback Interest Rate for the current year. 3) Buyback Interest will also be due for any other matters coming before the Retirement Board not covered by the above or provided for by M.G.L. c. 32 or a P.E.R.A.C. (Public Employee Retirement Administration Commission) Regulation.
REPORTING POLICY RESULTING FROM THIRD PARTY CLAIMS
This policy would begin immediately and apply to all departments within the City of Springfield and related agencies, to furnish the Springfield Retirement Office with notice of any and all injury reports for all claims as follows: 1-Worker’s Compensation resulting in third party claims; 2-Motor vehicle accidents resulting in third party claims; 3-Slip and falls resulting in third party claims; and 4-All other injury claims caused by anyone other than City of Springfield/Springfield Agency personnel. The injury/claim reports shall be filed upon report of the injury or as soon as possible thereafter. (Voted on October 9, 2019 by the Springfield Retirement Board)
Policies are applicable to all departments within the City of Springfield and related agencies, pursuant to M.G.L. c. 32, Section 20(5) General Powers and Duties of Boards. - (a) The board of any system established under the provisions of sections one to twenty-eight inclusive, or under corresponding provisions of earlier laws, shall meet at least once in each month for the transaction of such business as may properly come before it. It shall keep a record of all of its proceedings. (b) Any such board may adopt by-laws and make rules and regulations consistent with law, which shall be subject to approval as provided for in subdivision (4) of section twenty-one. It shall provide for the payment of retirement allowances and other benefits and for all other necessary expenditures under the applicable provisions of sections one to twenty-eight inclusive, or under corresponding provisions of earlier laws or of any special law, and shall have such other powers and shall perform such other duties and functions as are necessary to comply with such provisions. The head of any department upon request from the board shall promptly furnish it with such information as shall be required to effectuate the provisions of sections one to twenty-eight inclusive. Any such board shall have the power to take evidence, subpoena witnesses, administer oaths and examine such parts of the books and records of the parties to a proceeding as relate to questions in dispute. Fees for such witnesses shall be the same as for witnesses before the courts in civil actions, and shall be paid from the expense fund of such system.