PERAC Memo #14 - 2008: Proposed Regulation on Retirement Board Hearings & Post-Tax Rollovers

Proposed Regulation on Retirement Board Hearings & Post-Tax Rollovers

Summary

This memo transmits proposed amendments to 840 CMR 10.12 and 10.14 requiring that PERAC receive notice of, and be allowed to participate in, board hearings on earnings by disability retirees, along with a separate proposed regulation permitting (but not requiring) boards to accept post-tax rollovers if accounted for separately. Boards should review the drafts and may submit public comments through March 17, 2008, or attend one of the scheduled public hearings (March 18, 20, or 25, 2008); no other immediate action is required unless a board wishes to comment or elect to accept post-tax rollovers.

Full Text

MEMORANDUM #14, 2008 M E M O R A N D U M TO: All Retirement Boards FROM: Joseph I. Martin, Deputy Executive Director RE: Proposed Regulation on Retirement Board Hearings & Post-Tax Rollovers DATE: February 13, 2008 Enclosed are drafts of proposed regulations dealing with hearings before Retirement Boards regarding earnings by disability retirees (840 CMR 10.12 and 10.14). The proposals require that notice of such hearings be provided to PERAC and PERAC is to be allowed to participate in the hearings. Enclosed also is a proposed regulation that would allow, but not require, Retirements Boards to accept post-tax rollovers, provided that they are accounted for separately. Hearings on these regulations will be conducted at the times and places set forth below. Public comments will be accepted through March 17, 2008. Directions to the hearing sites can be obtained at Hearings are scheduled for: March 18, 2008 at 10:00 – 12:00 Taunton Public Library 12 Pleasant Street Taunton, MA 02780 March 20, 2008 at 10:00 – 12:00 Clarion Hotel One Atwood Drive Northampton, MA 01060 March 25, 2008 at 10:00 – 12:00 PERAC Training Room Enclosures