1988-1990-FISCAL AUDITS AND REPORT OF EXAMINATION - MASHPEE INDIAN MUSEUM

Home Browse Search

i i TOWN OF MASHPEE, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS JUNE 30, 1990 NOTE 8 - PENSION PLANS Barnstable County Retirement System Pension Plan R. Ian Description The Town contributes to the Barnstable County Retirement System r?ss (OCRs), a Cast-Sharing Multiple-Employer Public Employee Retirement System that acts as a common investment and administrative agent for cities and towns in Barnstable County. Participating employers* share of the total annual contribution is determined on the basis of active payrol 1. The Town' s payroll for employees covered by the Retirement System for the year ended June 30, 1990 was $3,049,925; the Town* s total payroll was $6, 326,919. Public school teachers are covered by the Common- wealth of Massachusetts Teachers* Retirement System (TRS) to which the Town of Mashpee, Massachusetts does not contribute. The Town' s payroll for teachers covered by the TRS for the year ended June 30, 1990 was $2, 331, 077. The BCRS and TRS are contributory defined benefit plans covering Town employees and teachers deemed eligible. The BCRS is a member of the Massachusetts Contributory System and is governed by Chapter 32 of the Massachusetts General Laws, as amended. Membership in both the BCRS and the TRS is mandatory immediately upon the commencement of employment for all permanent, full-time employees. Bath systems provide for retirement allowance benefits up to a maximum Of 80% of a member' s highest three-year average annual rate of regular compensation. Benefit payments are based upon a member' s age, length of creditable service, level of compensation, and group classification. Members ,joining BCRS after January 11 1979 are subject to a cap of $30,000 or, the level of compensation upon which their benefit is cal- eulated. ry A� I i 23