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i <br /> The measurement of the total pension benefit obligation is based on an <br /> actuarial valuation as of December 31, 1993. Net assets available to pay <br /> pension benefits were valued as of the same date. <br /> The Town's 1996 required contribution to the Barnstable County PERS <br /> represents 3.68% of the total current-year actuarially determined contri- <br /> bution requirements for all employers covered by the pension plan. <br /> Ten-year historical trend information is available from the Barnstable <br /> County PERS. This information is useful in assessing the pension plan's <br /> accumulation of sufficient assets to pay pension benefits as they become <br /> due. <br /> D. Related-Party Investments <br /> During 1996 and as of December 31, 1995, the Barnstable County PERS <br /> held no securities issued by the Town of Mashpee, Massachusetts or <br /> other related parties. <br /> Teachers <br /> As required by state statutes, teachers of the Town are covered by the j <br /> Massachusetts Teachers Retirement System (MTRS). The MTRS is <br /> funded by contributions from covered employees. The Town is not <br /> required to contribute. <br /> All persons employed on at least a half-time basis, who are covered <br /> under a contractual agreement requiring certification by the Board <br /> of Education are eligible, and must participate in the MTRS. <br /> 9 p p <br /> Under the pension plan, benefits are vested immediately if the employee <br /> is under 55 years of age. Participants are eligible to receive a retirement <br /> allowance once they have completed 20 years of service or have reached <br /> age 55. If participants have joined the system since January 1, 1978, <br /> they must complete 10 years of service before receiving a retirement <br /> allowance. <br /> Based on the Commonwealth of Massachusetts' retirement laws, employ- <br /> ees covered by the pension plan must contribute a percentage f gross <br /> earnings into the pension fund. The percentage is determined by the <br /> participants date of entry into the system and gross earnings, up to <br /> $ 30,000, as follows: <br /> Before January 1, 1975 5% <br /> January 1, 1985-December 31, 1983 7% <br /> Since January 1, 1984 8% <br /> 24 <br />