Selectmen hear retirement-plan issue: town cannot offer Simple IRA and MEPERS concurrently
Administrator Danielle Loring told the board the town cannot maintain a Simple IRA and MEPERS at the same time; she said employees in the Simple IRA may have to transfer funds to a 457 or a 401‑A/401(k) to allow MEPERS enrollment, and noted the potential repayment exposure for Chief Burt.
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Danielle Loring informed the Selectmen that town legal/administrative guidance indicates the town cannot offer both a Simple IRA and MEPERS concurrently. She said alternatives include a 457 plan or a 401‑A or 401(k) and that employees currently enrolled in the Simple IRA may need to transfer funds to an alternative to permit MEPERS enrollment.
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