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The Massachusetts State Employees Retirement System You Serve the Commonwealth. We Serve You. The Massachusetts State Employees Retirement System You Serve the Commonwealth. We Serve You. Governed by Massachusetts General Law Chapter 32
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
re-appointment,
held.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
If you joined the system:
tate Police / July 1,1996............... Your rate is: 5% 7% 8% 9% 12%
Pre-tax through payroll deductions.
*If you remain working after age 70, retirement contributions become optional
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
20% Federal Tax and possibly a 10% IRS Penalty (depends upon your age)
Pre-Tax to Financial Institution, After-tax to member.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
eparation or 10 or more years of Creditable S ervice:
years:
Interest
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
2012 and who withdraw their contributions will be considered new members should they later return to state service.
affected by the Pension Reform provisions now in effect. (Chapter 176 of the Acts of 2011).
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
will earn 1 year of creditable service for each year completed.
full-time basis you will earn a pro-rated amount of service. (For example, 1 year at
50% service = 6 months creditable service.)
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Part-time service on or before January 28, 1993 will be credited
service on or before January 28, 1993.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
In some instances, you may be eligible to add to your creditable service with a buyback of prior service. In order to do so you must:
application, and
appropriate service purchase application(s), along with any required documentation. All service purchases must be paid in full prior to you receiving a retirement benefit.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
ervice
ervice to another Massachusetts public retirement system
tate Teaching
purchased is four (4) years,
membership into the MS ERS with NO MORE THAN A 6 MONTH (180 DA YS) break in service,
similar to the j ob-description the member held upon re-entry into membership in the MS ERS .
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
be purchased is up to four (4) years,
32, S ection 1,
Guard S ervice may be eligible to receive one (1) year
Reserve/ Guard service
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
If you have prior service that you would like to purchase, please complete a Buyback Request Form and submit it to the Board.
mass.gov/ retirement > All Forms & Publications
writing whether or not the service is eligible to be purchased along with the next steps. All service purchases must be paid in full prior to you receiving a retirement benefit.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
*Only for eligible members entering service before 4/ 2/ 2012
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
with a minimum of 10 years creditable service,
minimum of 20 years creditable service.
consecutive salary years.
with a minimum of 10 years creditable service.
years.
If hired before April 2, 2012: If hired after April 2, 2012:
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
*Only for members entering service before 4/ 2/ 2012; for those hired after 4/ 2/ 2012 it’s highest 5 years regular compensation.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
rate of regular compensation*.
Provides $15 per each year of state service up to 20 years (up to an additional $300 per year).
*For those hired after 4/ 2/ 2012, the calculation is based
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
court officers, certain correctional positions whose maj or duties require them to have the care, custody, instruction or supervision
instruction or supervision of persons with mental illness or developmental disabilities.
ee M.G.L. c.32 §3 for other eligible Group Two positions.
tate Police Officers
and parole officers or parole supervisors.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
classification subject to Board Approval
in eligible position for 12 months preceding retirement.
at age 55*
at 45*
*Must already be eligible to retired to qualify:
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
may elect to have their benefits pro- rated but it is not mandatory.
April 2, 2012 must have their benefits pro-rated based on their group classification during their service.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Janet is 55 and a member of Group One.
he has 20 years of creditable service and her salary average is $40,000. S he is seeking a regular superannuation retirement. (service x age factor) x salary average:
(20 yrs x .015) = 0.3(30% ) x $40,000 = $12,000 Annual Pension
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Janet at age 65 / member of Group One.
ay Janet works another 10 years so she has 30 years of creditable service and her salary average is $45,000. S he is seeking a regular superannuation retirement. (service x age factor) x salary average:
(30 yrs x .025) = 0.75(75% ) x $45,000 = $33,750 Annual Pension
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Julia is 55, a member of Group Two, and a veteran.
he has 20 years of creditable service and her salary average is $40,000. S he is seeking a regular superannuation retirement. (service x age factor) x salary average + veteran’s bonus:
(20 yrs x .020) = 0.4(40% ) x $40,000 + ($15 x 20 yrs) = $16,300 Pension
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Julia decides to work 5 more years so she is age 60, still a member of Group 2 and a veteran.
he now has 25 years of creditable service and her salary average is $44,000. S he is seeking a regular superannuation retirement. (service x age factor) x salary average + veteran’s bonus:
(25 yrs x .025) = 0.625(62.5% ) x $44,000 = $27,500 + ($15 x 20 yrs) = $27,800 Pension
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Joe is 55. He was a member of Group Two
for his first 10 years of service, and Group One for his last 10 years of service.
salary average is $40,000. Both amounts of service are calculated separately and then added together to get a final benefit percentage. He is seeking a regular superannuation retirement.
Group 2: (10 yrs x .020) = 20% x $40,000 = $8,000 Group 1: (10 yrs x .015) = + 15% x $40,000 = $6,000 35% x $40,000 = $14,000 Pension
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
salary average for previous 12 months.
also eligible
per year for each year over 20
at 25 years
time of hire may do so if calculation is higher.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
classified under group 4
for not less than twenty years
accordance with the Group Classification Policy.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
sheriffs’ offices who has performed services in said
Accordance with the Group Classification Policy
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
additional 1% more for every additional year worked
50% + 2% = 52%
Group 4 may sometimes be better
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Janet is 45 and a member of Group Four.
he has 20 years of creditable Group 4 service and her salary average is $40,000. S he is seeking a “ 20/ 50” retirement, therefore
salary for 20 years.
he could get an additional 1% for every additional year worked.
(50% ) x salary average: (.050) x $40,000 = $20,000 Pension
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
eligible
Three year average salary*
*If hired after 4/ 2/ 12, raise age to 60 and calculate based on 5 year average salary.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Or more full-time creditable service; involuntarily terminated at any age Requires either:
creditable service regardless nature of
under age 55.
*For members who entered state service on or before April 2, 2012
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
1/3 of three year salary average plus annuity (usually 42-48%
)
before April 2, 2012.
more years of service.
Note: Accepting incentive payments to retire disqualifies you for a Section 10(2) Retirement. Reviewed and decided upon by the Retirement Board and PERAC.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
upon death
Option A Option C
(members contribution)
Option B
benefit
Option A if beneficiary dies
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
after your last day on payroll.
your last day, but effective retirement date will be 15 days after filing.
up until the day of retirement No changes can be made after your retirement date.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Certificate, DD-214, etc. (varies for each option).
*If married, spouse must witness option form
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
RB ID number is your unique six digit retirement account code. For security purposes, it is used instead of your social security number.
RB ID number is printed at the top of every letter you receive from the Retirement Board.
Member S tatement, which is usually mailed in the month of February. (A sample statement is included in the handout package).
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Retirees will be eligible for a COLA on July 1st of the second fiscal year following the year in which their retirement benefit first took effect, and each year thereafter, if a COLA is approved annually by the Legislature.
increase of first $13,000 of pension. (Currently $32.50 per month/ $390.00 annually)
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Alabama Alaska Florida Hawaii Illinois Michigan Mississippi Nevada
Reciprocal agreements with 15 states:
New Hampshire Pennsylvania South Dakota Tennessee Texas Washington Wyoming
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Let your survivors know what to do upon your death…
tate Retirement Board
separately for any applicable benefits, such as Health & Life Insurance
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Option D
creditable service
ONE beneficiary
benefit, but can waive their rights to it
and no Option D form then:
record or,
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
the difference between your retirement allowance and the current salary of the position from which you retired.
may earn an additional $15,000 per year beyond the limitations listed above
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
must cease employment, or
request to waive your ret irement allowance under S ect ion 91.
request to be reinst at ed t o act ive service under S ect ion 105. Certain conditions must be met by the member
including the repayment of retirement benefits received and must work for 5 years after reinstatement before reapplying to retire.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
superannuation retirement
retirement such as disability
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
property
Massachusetts Conflict of Interest law (M.G.L. Chapter 268A)
position
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Currently 20% premium for retirees
may change, contact GIC for increases:
payment Premium will be deducted beginning with 2nd pension payment
If member dies:
insurance at a 10% rate provided they do not re-marry
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
ecurity benefits do not impact your state retirement benefits, however, your S S benefits might be offset due to:
ecurity
All Social Security Questions should be directed to: 1-800-772-1213 or www.ssa.gov/gpo-wep
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
from where member is retiring
MART plan:
accumulated sick pay, vacation pay and back pay.
defer accumulated vacation and/ or back pay.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Benefit Verification Form, which must be completed and
tatement of Earnings and submit to PERAC (Public Employee Retirement Administration Commission)
unable to perform the essential duties of their former j ob.
in writing to the MS RB:
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Toll free (within MA only) (800) 392-6014 E-mail: srb@ tre.state.ma.us
MS RBCommunications@ tre.state.ma.us www.mass.gov/retirement
MAIN OFFICE
One Winter S treet, 8th Floor Boston, MA 02108
REGIONAL OFFICE
436 Dwight S treet, Room 109A, S pringfield, MA 01103
Walk-in Appointment Hours: 10:00 a.m. –
3:00 p.m.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
Office of S tate Treasurer Deborah B. Goldberg mass.gov/ retirement
The Massachusetts State Employees’ Retirement System
You Serve the Commonwealth. We Serve You.
The Massachusetts State Retirement Board (MSRB) posts educational materials on its website and social media channels for the convenience of members of the Massachusetts State Employees’ Retirement System (MSERS). These educational materials include videos, electronic content, booklets, handouts, slide shows and other materials distributed in conjunction with presentations MSRB staff may have made. Please note that these educational materials are current as of their date of publication. Anyone utilizing these educational materials subsequent to their date of publication is responsible for making sure the content is completely up to date in all respects as it may apply to their specific circumstances. These educational materials should not be construed as, nor are they intended to be advice regarding the potential retirement benefits of any member of the MSERS. The information contained in educational materials is not intended as a substitute for the Massachusetts General Laws or the regulations and policies of the MSRB. MSERS members are solely responsible for making their own retirement benefit decisions. Therefore the MSRB strongly recommends that if you are within 120 days to your retirement date, contact the MSRB to speak with one of our retirement counselors and start planning your retirement. The MSRB also strongly recommends that you plan your retirement and that you file at least 30 days in advance of leaving your employment. Certain retirement options will not be available to you once you stop
(Springfield Office) or 800-392-6014 (in MA only).