[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.22″ global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row admin_label=”row” _builder_version=”3.25″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”3.25″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.14.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n
[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.14.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.14.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_text _builder_version=”4.14.4″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n
Accidental disability retirement<\/strong>\u00a0<\/span>– a retirement based on a job-related injury rendering the employee permanently and totally disabled from performing the essential duties.<\/p>\n Annuity<\/strong>\u00a0<\/span>– a portion of your monthly retirement allowance that is based on the total amount in your annuity savings fund on the date of your retirement.<\/p>\n Annuity savings fund<\/strong>\u00a0<\/span>– the total amount of your contributions and interest in the\u00a0Hampden County\u00a0Regional Retirement System<\/p>\n Beneficiary<\/strong>\u00a0<\/span>– Any person or charity or institution<\/p>\n Board Members<\/strong>\u00a0<\/span>– a group of 5 people made up of 2 elected members, 2 appointed members and 1 member Executive Director-officio<\/p>\n Buy-Back of creditable service<\/strong>\u00a0<\/span>– The redeposit of a refund previously received from the termination of prior Massachusetts government employment<\/p>\n COLA<\/strong>\u00a0<\/span>– an annual cost of living adjustment not to exceed 3% of $12,000 upon Board approval, COLA’s are not automatic.<\/p>\n Contributions<\/strong>\u00a0<\/span>– the mandatory deduction of 5% or 7% or 7% & 2% or 8% & 2% or 9% & 2% withheld from your regular compensation<\/p>\n Creditable service<\/strong>\u00a0<\/span>– the amount of days, weeks, months, years of continuous contributing to the retirement system<\/p>\n Group 1 Member<\/strong>\u00a0<\/span>– Officials and general employees including clerical, administrative and technical workers, laborers, mechanics and all others not otherwise classified<\/p>\n Group 2 Member<\/strong>\u00a0<\/span>– Includes certain employees with hazardous occupations, such as ambulance attendants, licensed electricians, and certain employees caring for prisoners or the mentally ill.<\/p>\n Group 4 Member\u00a0<\/strong>– Uniformed Police Officers and Firefighters.<\/p>\n Make-Up of creditable service<\/strong>\u00a0<\/span>– The amount of contributions owed for employment in Massachusetts government prior to becoming a member of a retirement system<\/p>\n Military Service Credit<\/strong>\u00a0<\/span>– A Veteran’s ability to purchase up to four years of creditable service corresponding to their military service<\/p>\n Option A<\/strong>\u00a0<\/span>– Election of this option prior to retirement date means that you will receive your full allowance as long as you live. No benefits will be provided to a beneficiary.<\/p>\n Option B<\/strong>\u00a0<\/span>– Election of this option prior to retirement date means that you will receive less than Option A as long as you live. Upon your death, your beneficiary (ies) will be entitled to the unexpended balance of your annuity account.<\/p>\n Option C<\/strong>\u00a0<\/span>– Election of this option prior to retirement date means that you will receive even less than Option B as long as you live. Upon your death, your survivor will receive a monthly allowance, two-thirds, for as long as they live. Included in option C is the “Pop-Up”\u00a0<\/span>provision; that is, if your Option C survivor dies before you do, you will thereafter be paid the full allowance you would have received had you chosen Option A.<\/p>\n Ordinary disability retirement<\/strong>\u00a0<\/span>– a retirement based on a non-job related injury rendering the vested employee totally and permanently disabled from performing the essential duties<\/p>\n P.E.R.A.C<\/strong>.<\/span>\u00a0<\/span>– Regulatory Authority overseeing the 106 Retirement Systems in Massachusetts<\/p>\n Pension<\/strong>\u00a0<\/span>– a portion of your monthly retirement allowance that is the difference between the total retirement allowance and the amount provided by employee contributions<\/p>\n Refund<\/strong>\u00a0<\/span>– to receive the total contributions and\/or interest in your annuity savings account at time of separation of government employment<\/p>\n Regular compensation<\/strong>\u00a0<\/span>– an amount of monies paid to you on a weekly or monthly basis for your regular hours worked in the governmental entity<\/p>\n Rollover<\/strong>\u00a0<\/span>– to receive a refund and transfer the monies to your individual retirement account<\/p>\n Superannuation retirement<\/strong>\u00a0<\/span>– collecting a monthly amount for as long as you live after you have stopped working for the governmental entity<\/p>\n Vested<\/strong>\u00a0<\/span>– The establishment of the right to a retirement allowance. Minimum of 10 years of contributing to a Massachusetts retirement system<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Glossary of TermsAccidental disability retirement\u00a0– a retirement based on a job-related injury rendering the employee permanently and totally disabled from performing the essential duties. Annuity\u00a0– a portion of your monthly retirement allowance that is based on the total amount in your annuity savings fund on the date of your retirement. Annuity savings fund\u00a0– the total […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-548","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=\/wp\/v2\/pages\/548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=548"}],"version-history":[{"count":2,"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=\/wp\/v2\/pages\/548\/revisions"}],"predecessor-version":[{"id":551,"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=\/wp\/v2\/pages\/548\/revisions\/551"}],"wp:attachment":[{"href":"https:\/\/pretty-violet-bear.209-59-156-6.cpanel.site\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}