Article Categories
- Announcements (183)
- Assessments/Appropriations (2)
- Commentary (4)
- Elections (12)
- Interesting Info (5)
- Legislation (3)
- Meeting Agendas and Minutes (193)
- Retirees (1)
- Retirement Benefits (3)
- System Finances (1)
- Uncategorized (3)
-
Recent Articles
- November 2020 Regular Board Meeting Minutes Uploaded
- Agenda for the Tuesday, December 22, 2020 Regular Board Meeting has been uploaded.
- October 2020 Regular Board Meeting Minutes Uploaded
- October 2020 Special Board Meeting Minutes Uploaded
- The Agenda for the Tuesday, November 24, 2020 regular Board meeting has been uploaded.
Loading images...
Search
Home
Menu
- About
- Advisory Council (Unit Treasurers)
- Appointment of Fifth Member of the Board
- Appropriations/Assessments and Actuarial Valuations
- Basic Membership and Retirement Criteria
- Board Members
- Contact/Directions/Hours/Staff
- Election 2019 of Fourth Member of the Board
- Election 2020 of Third Member of the Board
- Estimate your Retirement
- Financial Reports (including annual reports)
- Internet Security
- Investments
- Making Payments to FRRS
- Meeting Schedules, Notices, Agendas, Minutes
- Members
- Police and Fire personnel
- Public Records Requests
- Retirees
- Rules, Laws, Policies, and Regulations
- Treasurers
- Veterans
ERI proposed in Municipal Relief Bill (H4631) has some interesting requirements.
Read the fine print in section 11 of the Municipal Relief Bill (H4631) and you will find some very interesting provisions that load it up with some heavy paperwork. See my highlighted areas in the copy here on our website (H4631) to see what I mean:
Retiring employees do not receive payouts of accrued sick and vacation but instead the town has to pay that amount into the retirement system.
Compensation to replacement employees is limited to 30 percent in fiscal year 2011, 45 percent in fiscal year 2012 and 60 percent in fiscal year 2013.
The town will have to justify the ERI program to PERAC (this will be an adventure).
An annual report will have to be submitted by the town to PERAC and the Executive Office of Administration and Finance. (I assume every year (10) of the ERI payoff.)
Of course anything can happen between now and possible passage. Dale