The Massachusetts Teachers’ Retirement System is the largest of the Commonwealth’s 105 contributory retirement systems. We provide retirement, disability and survivor benefits to more than 88,000 active educators and 59,000 retirees and survivors. We’re glad to have you as a visitor and encourage you to browse often!
Benefit recipients: 3% COLA to be included in July 2014 payment
As you may know, the Governor and Legislature approved a three percent cost-of-living adjustment (COLA) as part of the Commonwealth’s FY2015 budget. Effective July 1, 2014, this COLA allows an increase of three percent on the first $13,000 of the retirement benefit, for a maximum increase of $390 per year or $32.50 per month. Benefit recipients who are eligible to receive this COLA are:
- retirees who retired on or before June 30, 2013;
- survivors of Option C retirees who retired on or before June 30, 2013;
- survivors of members who died while in active service on or before June 30, 2013; and
- accidental death benefit recipients whose benefits began on or before June 30, 2013.
If you are eligible to receive this COLA, it will be included in your July 2014 payment and, if you are a direct deposit payee, you will receive a mailed statement this month. Your monthly gross amount for July will then be your new monthly gross amount until any future COLAs are granted.
For more information on COLA eligibility and past COLAs, please see Cost-of-living adjustments.
Active and inactive members: Did you receive your 2013 annual statement?
On June 25, our vendor mailed 2013 annuity savings account statements to our more than 105,000 active and inactive members. If you do not receive your account statement by Monday, July 14, please request a duplicate by phone (617-679-6877) or e-mail.
Executive Director Joan Schloss to retire after more than 30 years of public service
The Massachusetts Teachers’ Retirement Board announced that Executive Director Joan Schloss has decided to retire. Ms. Schloss is retiring after more than thirty years in the public service, twenty-eight of which were spent helping active and retired educators in the Commonwealth.
“Joan’s retirement will be a big loss to us and to our members,” said Board Chairman Jeff Wulfson, who is the deputy commissioner of the Department of Elementary and Secondary Education. “We are grateful for her many years of leadership and for the high standards of professionalism and service that she set for our agency.”
The Board has initiated a process to select a new executive director by the end of the calendar year. Ms. Schloss will continue to serve as Executive Director until her successor is appointed.
The PRIM board election results are in!
Incumbent Robert Brousseau was re-elected as our members' representative to the Pension Reserves Investment Management (PRIM) board, an unpaid position with a term of three years. The PRIM board is responsible for investing and managing all money placed in the Pension Reserves Investment Trust (PRIT) fund, used to fund public pension liabilities (www.mapension.com ). Thank you to our candidates as well as everyone who voted in this important election.
Dear Members, please bear with us during this extremely busy time!
If you're waiting to hear from us on a request for service, we ask that you please be patient. As noted in our August newsletter, we received more than 20,000 service purchase applications after Pension Reform III, and the record-setting volume has caused lengthy processing delays. Although we had anticipated a temporary increase in the number of applications—and increased staffing levels accordingly—the volume simply and significantly exceeded our projections.
We are very sorry for any delay you may experience, and ask that you please bear with us during what is an extremely busy time for our staff. Thank you in advance for your understanding and continued patience.
NOTE: If you are retiring within the next four to six months and you have one or more service purchase applications currently pending with us, please let us know so that we may give your service purchase requests priority.