Welcome to the Member’s Information section of our website. Here you will be able to find helpful information regarding eligibility requirements, vesting, group classification, options upon retirement, estimated benefits and explanations for Superannuation retirement.
In order to be eligible for a monthly retirement benefit a member must be fifty-five (55) years old with a minimum of ten (10) years of creditable service, or twenty (20) years of creditable service at any age.
A member will become vested upon reaching ten (10) years of creditable service. Vesting enables a member who becomes inactive to leave his or her retirement deductions on deposit with the retirement system in order to qualify for a retirement allowance upon attaining age fifty-five (55) or greater.
Our members are classified as follows:
Group 1 - officials and general employees including clerical, administrative and technical workers, laborers,
mechanics and all others not otherwise classified
Group 2 - certain employees such as ambulance attendants
and licensed electricians
Group 4 - police officers, fire fighters and certain employees of
electric light departments
Superannuation Retirement A member’s monthly retirement benefit is calculated by a formula which includes the member’s age at retirement, years of creditable service and highest consecutive three years average of regular compensation. The maximum benefit allowable cannot exceed 80% of the average of regular compensation. The monthly benefit consists of annuity and pension.
Options upon Retirement
Upon applying for Superannuation Retirement benefits the member will select one of three allowance options.
Option A - Provides the highest payment to the retiree for their lifetime, with no payments after the retiree’s death to a survivor
Option B - Provides a reduced lifetime allowance (approx. 1-3% less than Option A), terminating at the death of the retiree, with the balance of the amount contributed to the system by the retiree paid to the retiree’s beneficiary or beneficiaries of record in a one-time lump sum payment
Option C - Provides a reduced payment (approximately 8% - 13% less than Option A) during the retiree’s lifetime. A survivor benefit of 2/3 of the allowance of the allowance would be paid upon the retirees passing. The beneficiary must be an immediate family member, spouse, child, mother, father, sister, brother, or un-married ex-spouse. Should the beneficiary pre-decease the member, then the Pop-up Provision would take effect. (Pop-Up Provision 1/12/88.)
If you are a member in service or on an authorized leave of absence, you can apply to the Retirement Board no earlier than four months before your intended date of retirement
The Board may ask you to submit birth certificates for you and your spouse, a marriage certificate, veteran discharge papers, affidavit of marital status and any divorce decrees
Once the application is submitted, the Retirement Board must await the final payroll from the member’s unit, which can take up to six weeks from the date of retirement. The initial payment may be up to eight weeks from the date of retirement. After the initial payment, allowance checks are due and payable on the last business day of each month The Public Employee Retirement Administration Commission (P.E.R.A.C) has 90 days to approve Superannuation Retirement Benefits.
IMPORTANT INFORMATION REGARDING RETIREE HEALTH INSURANCE
Under Massachusetts law, health insurance for our retirees and their beneficiaries is provided through the retiree’s former employer. The Massachusetts Supreme Judicial Court has held that an employer may implement a policy which would preclude participation in the employer’s health insurance plan if the retiree was not enrolled in the health plan prior to or at the time of retirement. Joanne Cioch v. Treasurer of Ludlow, 449 Mass. 690 (2007).
Accordingly, active members who are contemplating retirement, and who do not participate in the employer’s health insurance plan, should determine their employer’s policy regarding post-retirement health plan enrollment. Likewise, retirees who do not currently participate in their former employer’s health plan, but may wish to do so in the future, should learn whether this option is allowed by their former employer.
Please continue below for information regarding an estimated retirement benefit for Superannuation.
LEGAL DISCLAIMER THIS RETIREMENT CALCULATOR PROVIDES AN ESTIMATE OF YOUR PENSION BENEFITS AND IS BASED UPON THE INFORMATION YOU PROVIDE. USE OF THIS TOOL IS INTENDED TO ASSIST YOU IN BECOMING ACQUAINTED WITH THE PERTINENT FACTORS THAT CONSTITUTE THE CALCULATION OF RETIREMENT ALLOWANCES. HE RESULTS PRODUCED DO NOT REPRESENT AN OFFICIAL OR FINAL CALCULATION OF YOUR RETIREMENT ALLOWANCE.THE MIDDLESEX COUNTY RETIREMENT SYSTEM DOES NOT ATTEST TO THE ACCURACY OF ESTIMATED CALCULATIONS. USE OF THE RETIREMENT CALCULATOR CREATES NO CONTRACTUAL OBLIGATIONS BETWEEN A USER AND THE MIDDLESEX COUNTY RETIREMENT SYSTEM, NOR CAN SUCH USE SUPERSEDE THE STATUTORY PROVISIONS OF CHAPTER 32 OF THE MASSACHUSETTS GENERAL LAWS.
As always, the staff of the Middlesex County Retirement System is pleased to discuss your personal inquiries regarding your retirement benefits. Please contact us at (978) 439-3000 or at firstname.lastname@example.org.
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