0000007247 00000 n Please note: If you are a member of the State Police Department, a judge, a correction officer seeking a "20/50" retirement, or would like an estimate for a Section 10(2) (termination allowance) or disability retirement, please contact the retirement board for more information. Office of State Treasurer and Receiver General Deborah B. Goldberg, contact the Office of State Treasurer and Receiver General Deborah B. Goldberg. The Massachusetts Teachers' Retirement System is the largest of the Commonwealth's 104 contributory retirement systems. /Type /FontDescriptor Comptroller of the Commonwealth Middlesex County Retirement System members are classified as follows: A members Group Classification and membership date will determine the age factor that is used when calculating a members retirement allowance. MASSACHUSETTS GROUP 1 RETIREMENT PERCENTAGE CHART For Members-In-Service Hired BEFORE April 2, 2012 03/2015 SEE REVERSE SIDE > AGE AT RETIREMENT 50 51 The Boards experience indicates actual job functions of similar positions may vary from person to person, agency to agency, facility to facility, and region to region across the Commonwealth. Fax: (413) 307-3768, 75 Market Place, 3rd Floor /Type /FontDescriptor Please note that actual pension amounts can ONLY be calculated at the time of retirement under M.G.L. 9. You need to. K`|)nnmy View 466 More. stream Thank you for your website feedback! Thank you for your website feedback! Be sure that you are using the correct chart for your group and membership date. Group 2 RETIREMENT PERCENTAGE CHART - FOR MEMBERS WHO BEGAN SERVICE PRIOR TO 4/2/2012 (Group 2 employees include electricians and emergency dispatchers) Cambridge Retirement System 100 CambridgePark Drive, Suite 101 Eligibility: You are eligible to retire at age 55, with at least 10 years of service www.cambridgeretirementma.gov It currently provides retirement, disability and survivor benefits to more than 91,000 active educators and over 63,000 retirees and survivors. The Option C allowance is about 10 percent less than the Option A amount if your beneficiary is roughly the same age as you. See, In some instances, members of the Massachusetts State Employees' Retirement System (MSERS) may be eligible to add to their creditable service with a buyback of prior service. Group 3 - state police officers. Group 3 is for State Police. A lock icon ( ) or https:// means youve safely connected to the official website. 0000018920 00000 n For members of the Massachusetts State Employees Retirement System (MSERS) the steps and form needed to request group classification may be found at the bottom of this page. February pension paychecks will be mailed Friday, 2/24, and direct deposits will be. Section 26: Retirement of officers in department of state police. The Boards group classification decision is valid for 6 months. 12. If you expect to choose Option B or Option C, for example, you would enter your Option B or Option C annual allowance here (see the purple or pink chart, above, for the amount), rather than the Option A amount. For a family of three, that ranges from $52,200 to $156,600 when the 2018 incomes used in a Pew study are adjusted for inflation from 2018 to 2021, according to Rakesh Kochhar, senior researcher . >> /F10 7 0 R Use this button to show and access all levels. For a list of the age factors and estimates of the benefit percentage at which members will retire based on their age and years of service, refer to the charts listed below. As a result, we strongly recommend that you should include a detailed description of your daily duties and responsibilities for the positions for which you seek group classification. /FontBBox [-628 -376 2000 1018] Examples of potential service that may qualify for a buyback includes prior refunded service, contract service, and military service. Pension Reform III, effective November 16, 2011, created a new benefit structure for individuals who became members of Massachusetts public retirement systems on or after April 2, 2012. Please do not include personal or contact information. The pension calculator, courtesy of the Treasurer and Receiver General of Massachusetts, will give members in groups 1, 2 or 4 an approximation of their retirement benefits. Share sensitive information only on official, secure websites. You can download a 44-page SERS Retirement Benefit Guide here. << If you need to divide your SERS pension for divorce, Attorney Rueschemeyer can draft the required DRO (Domestic Relations Order). /Ascent 891 /Subtype /TrueType Show Chart More Information About the Massachusetts Teachers' Retirement System 0000023345 00000 n Below are our two retirement percentage charts, which provide a comparison of the percentage of salary average allowed under the regular and RetirementPlus formulas, by service and age, for each Membership Tier. 0000002722 00000 n /Descent 212 You can use different assumptions by entering a different inflation rate in the Inflation Rate Chosen box and by entering a different annual pension amount in the Annual pension amount box. Members entering service before April 2, 2012 should enter the estimated average of your highest thirty-six (36) consecutive months of annual regular compensation. A unique SERS Group 3 calculator is available here: MA State Police Group 3 online calculator. Some page levels are currently hidden. Members of the Massachusetts State Employees Retirement System (MSERS) can use the retirement calculator below to calculate an estimated pension amount based on their group classification and beneficiary details. Group One: Members are officials and general employees including clerical, administrative and technical workers, laborers, mechanics, and all others not otherwise classified. If you have a news tip, email joed@bostonherald.com. Top-requested sites to log in to services provided by the state. Top-requested sites to log in to services provided by the state. All Rights Reserved. The feedback will only be used for improving the website. Please let us know how we can improve this page. Massachusetts Teachers' Retirement System. To make changes, simply scroll up and make changes, then press "Calculate now" again. If you are participating in RetirementPlus, and you have 30 or more years of creditable service--at least 20 of which are teaching service with the MTRS or the Boston Retirement System--you receive an additional 2% for each full year of creditable service over 24 years. For those employed on a less than full-time basis, you will earn an amount of service equal to a percentage of the full-time service rate. The Massachusetts State Retirement Board emphasizes that the formulas used in calculatorseven for their very own calculatorgive approximations or estimations of retirement benefits. an average of three years of your highest pay (five years for those who started theirmembershipafter April 2, 2012). The Option A annual pension amount will be $42,500. These calculators will not produce estimates for disability, termination, or MA Special Spousal benefits. Because benefits are now based, in part, on an individuals membership date, the MTRS distinguishes between two Membership Tiers.. It takes into account whether you are a a military veteran and it includes calculations for scenarios with and without additional purchased service. 5. $hPh^txi"3S For Group 4, members must be at least 45 years of age. >> Northrop P-61 Black Widow. Group 1 covers elected officials, general employees, clerical, administrative, and technical workers. >> /ProcSet [ /PDF /Text /ImageC] 966_y(_+(XAX*iKK?~KOsgS(q%I~`05j^B@4wA)i%k(\C6HL Your retirement options xq 5}! Check your balance, designate your beneficiary, or manage other tasks as you pursue your retirement goals. A lock icon ( To be classified by a retirement board in that position the member: must be actively employed; must actively hold the position for which they seek classification; and, must be actively performing the duties of the position for which he/she seeks classification for not less than twelve consecutive months immediately preceding retirement at the time of classification. The retirement plan classifies members into groups based on their occupation, position or duties. ) or https:// means youve safely connected to the official website. /FontDescriptor 6 0 R >> 550. 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