 |
The following was designed to provide updated and accurate information to the members and beneficiaries of the Town of Wellesley Retirement System. This information is not intended as a substitute for the Massachusetts General Laws nor will its interpretation prevail should a conflict arise between its contents and MGL Chapter 32. Rules governing retirement benefits are subject to change periodically either by statue of the Massachusetts Legislature or by the Wellesley Retirement Board.
The Town of Wellesley Retirement System is one of 106 contributory retirement systems for public employees within the Commonwealth of Massachusetts. All 106 systems, although operating independently are bound together under one uniform retirement law, Chapter 32 of the Massachusetts General Laws. Chapter 32 establishes benefits contributions requirements, accounting and funding structure for the system. The Public Employee Retirement Administration Commission (PERAC) created by Chapter 306 of Acts of 1996 oversees these systems and ensures all board actions in compliance with Chapter 32. Each system is governed by a retirement board. It is the responsibility of the Retirement Board to administer, in accordance with the law, the retirement system and provide a comprehensive explanation of rights, benefits, and regulations
regarding retirement to all employees of the Town of Wellesley (excluding teachers) and the Wellesley Housing Authority.
The Town of Wellesley Retirement Board consists of five members: Ex-officio member (Town Accountant), two elected members, one member appointed by the Board of Selectmen and one member appointed by the other four members.
| |
