06/30/1997-FISCAL AUDITS - Laserfiche WebLink

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' All persons employed on at least a half-time basis, who are covered under a contractual agreement requiring certification by the Board of Education are eligible, and must participate in the MTRS. ' Based on the Commonwealth of Massachusetts' retirement laws, employ- ees covered by the pension plan must contribute a percentage of gross earnings.into the pension fund. The percentage is determined by the participants date of entry into the system and gross earnings, up to $ 30,000, 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% Effective January 1, 1990, all participants hired after January 1, 1979, must pay an additional 2% of salary in excess of$ 30,000. 18. Self Insurance The Town self insures for health insurance through a joint purchase agree- ment with the Cape Cod Municipal Health Group (CCMHG). The CCMHG self funds all of its health benefit plans, while participating governmental units pay premiums into the group trust funds. CCMHG is a common risk management and insurance program servicing 15 towns and 26 other governmental entities. The Town pays an annual premium to CCMHG for its health insurance coverage for all active and retired employees. The Municipal Health Group 1 Agreement for Joint Negotiation and Purchase of Health Coverage provides that CCMHG will be self-sustaining through member premiums and will rein- sure through commercial companies for claims in excess of $ 120,000 per ' individual, per policy year. Town management and CCMHG believe that member assessments are adequate to meet all claim requirements, including claims incurred but not reported as of June 30, 1997. 22