06/30/1997-FISCAL AUDITS - Laserfiche WebLink

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r r 17. Contributory Retirement System rA. Plan Description and Contribution Information r Substantially all employees of the Town (except teachers and adminis- trators under contract employed by the School Department) are members of the Barnstable County Contributory Retirement System (BCCRS), a ' cost sharing, multiple employer PERS. Eligible employees must partici- pate in the BCCRS. The pension plan provides pension benefits, deferred allowances, and death and disability benefits. Chapter 32 of the Massachusetts General Laws established the authority of the BCCRS Retirement Board. Chapter 32 also established contribution percentages r and benefits paid. The BCCRS Retirement Board does not have the authority to amend benefit provisions. ' Membership of the plan consisted of the following at December 31, 1995, the date of the latest actuarial valuation. Retirees and beneficiaries receiving benefits 1,642 Terminated plan members entitled to but not yet receiving benefits 48 Active plan members 3.970 Total 5.660 r Employee contribution percentages are specified in Chapter 32 of the Massachusetts General Laws. The percentage is determined by the participant's date of entry into the system. All employees hired after January 1, 1979 contribute an additional 2% on all gross regular earnings over the rate of $ 30,000 per year. The percentages are as follows: ' Before January 1, 1975 5% January 1, 1975 - December 31, 1983 7% January 1, 1984 - June 30, 1996 8% Beginning July 1, 1996 9% rEmployers are required to contribute at actuarially determined rates as accepted by the Public Employee Retirement Administration (PERA). 1 r r 20