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The MTRS and you: Our mutual responsibilities
Membership is a benefit and a very important part of your financial future—the MTRS is your retirement plan. As an eligible member, you will make contributions to the MTRS annuity savings fund and, eventually, receive those contributions in the form of a retirement allowance, refund or, in the event of your death, a survivor benefit.
We look forward to serving you and your family for 20, 40 or 60 years—or more!
When
you join the MTRS...
Throughout your career...
If you leave active service prior to retirement...
When you are within five years of retirement...
During
retirement...
What YOU need to do:
- Complete the MTRS online enrollment process
- Designate a beneficiary of your account, to have on record in the event that you die while in active service
- Check your pay stub to confirm that you are contributing at the correct rate
- If you have prior service that you may purchase as creditable service toward your retirement benefit, look into purchasing that service
- Familiarize yourself with the benefits and services provided by the MTRS by browsing our site
What WE do for you:
- Establish your MTRS annuity savings account
- Record your beneficiary designation
What YOU need to do:
- Contact
the MTRS if you:
- are injured while performing the duties of your job
- change your name or Social Security number
- want to change your beneficiary designation
- get divorced
- want to participate in the governance of the MTRS as an elected Board member
- Notify your payroll office—not us—if your address changes (we receive this information from your employer, so keep your payroll office up to date)
- Review the Annual Statement of your MTRS annuity savings account, and notify us of any necessary updates
- Keep your MTRS correspondence with your important papers, and let your survivors know where to find this information so that they may contact us
- Stay abreast of retirement issues—visit our web site, read our newsletters, attend our seminars and pay attention to announcements posted in your school
- If you have prior service that you may purchase as creditable service toward your retirement benefit, look into purchasing that service
- Plan for your retirement—attend MTRS seminars; investigate plans offered through your employer, such as 457 deferred compensation plans and 403(b) retirement plans; and, work with your family and outside advisors to evaluate your particular needs on an ongoing basis
What WE do for you:
- Maintain an accurate record of your MTRS annuity savings account and personal data
- Send you an Annual Statement of your account, generally in the spring
- Process your service purchases, if any
-
Keep you informed of retirement issues by way of our publications and presentations
If you leave active service prior to retirement...
What YOU need to do:
- Contact
the MTRS if you:
- leave active service as a Massachusetts educator
- are terminated by your employer
- become disabled and cannot work
- In the event that you die while in active service, your survivors should contact the MTRS regarding potential survivor benefits
What WE do for you:
- Inform you of your options regarding what to do with your MTRS annuity savings account
- Process and pay a disability or termination retirement allowance
- Process and pay a benefit to your survivor
When you are within five years of retirement...
What YOU need to do:
- If you have prior service that you may purchase as creditable service toward your retirement benefit, look into purchasing that service
- Estimate what your retirement benefit will be
- Stay abreast of retirement issues—visit our web site, read our newsletters, attend our seminars
- Be aware of the many other issues you will need to address
- Contact the MTRS with any general questions you might have
- When you are within 6 months to one year of retirement, go through our step-by-step, online retirement application process.
What WE do for you:
- Process your service purchases, if any
- Provide you with assistance in the preparation of your retirement application, as requested
What YOU need to do:
- Contact
the MTRS if you:
- change your name, address or Social Security number
- lose your retirement check
- become re-employed by a Massachusetts public employer and exceed the time and earnings limitations
- become divorced and your retirement allowance is divided
- want to change your withholding for federal taxes, retiree beneficiary designation (Option B only), or payment method
- want to participate in the governance of the MTRS as an elected Board member
- Advise your survivors to contact us in the event of your death
What WE do for you:
- Pay you a monthly retirement allowance
- Forward your health insurance payment
- Withhold federal income tax
- Send you a yearly 1099-R tax form
- Pay a benefit to your survivor, if applicable