· When can I retire?
· What does it mean to be vested?
· How is my pension determined?
· What about my insurance benefits after retirement?
· When will I receive my first pension check?
· Will my pension check be deposited directly into
my account(s) like my regular paycheck?
· What do I need to do to retire?
When can I retire?
If you are a member of the State Employee Retirement System (SERS), you are eligible to retire at age 55 with at least 10 years of state service, or at any age with at least 20 years of state service.
If you are a member of the Optional Retirement Program (ORP), you may "retire" anytime after terminating service with the Commonwealth. If you want to maintain your current health and life insurance coverage, you must be age 55 with at least 10 years of state service, or any age with 20 years of service.
What does it mean to be vested?
The term "vested" means you are eligible for retirement benefits. Members of SERS are vested after 10 years of creditable service. Members of ORP are vested immediately (i.e. eligible to collect a pension, see question below relative to health insurance benefits).
How is my pension determined?
For SERS members, your pension is based on your age, years of service, salary (average of three highest years) and the payment option you choose when you file for retirement.
For ORP members, your pension is based on your account balance and distribution method that you select.
What about my insurance benefits after retirement?
Your group health and life insurance continues after retirement unless you choose to make a change. The GIC allows employees to change health plans effective on their retirement date and to reduce or cancel their optional life insurance (the rates increase dramatically upon retirement).
For ORP retirees, group health and life will continue as long as you meet the specific requirements as described in the literature provided to you upon termination with the Commonwealth. See the BHE's website for complete information on these requirements.
Dental insurance terminates on the last day of the month of your retirement. You may choose to enroll in the Dental Plan offered to retirees through the Group Insurance Commission. Information regarding that plan will be sent to you directly after your retirement.
Long-Term Disability (LTD) insurance terminates upon retirement.
When will I receive my first pension check?
Your first pension check from the State Board of Retirement usually arrives at the beginning of the month, one to three months following your retirement.
ORP retirees should contact their provider for this information.
Will my pension check be deposited directly into my account(s) like my regular paycheck?
Even though you were enrolled for direct deposit for your paycheck, you will receive a check from the State Board of Retirement until you sign up for direct deposit with them. The Board usually includes a form for enrollment with the first pension check.
ORP retirees should contact their provider for this information.
What do I need to do to retire?
If you are a SERS member, contact the State Board of Retirement at 617-367-7770 to speak with a counselor to determine your benefits and retirement date and to obtain an application. You can also download an application from their website at http://www.state.ma.us/treasury/srb.htm.
ORP members should contact their provider for information relative to their retirement benefits and procedures.
Once you have decided on your retirement date, you should submit written notification to the University(i.e. your supervisor and Human Resources) indicating your intent to retire. Your sick leave buy-back and any accrued vacation and compensatory time will be automatically processed on the appropriate payroll(s).
You should obtain a GIC Form 1 from the Payroll Office, complete the personal information, indicate your retirement date and any changes you wish to make to your insurance coverage, sign it and return it to the Payroll Office for processing.