Regular (“superannuation”) retirement benefits (including RetirementPlus)

Some notes from the MTRS:

• The average life expectancy at retirement is approximately 25 years.
• The best plan for future financial security involves having several sources of income rather than just one.
• “Superannuation” is the technical name for the most common type of retirement benefit: an allowance earned after a career of public service. Within this category, there are two types of allowances: a “regular” benefit and an enhanced, RetirementPlus benefit.

How and when do I file for retirement?

In order to retire, you must file an application for retirement with the MTRS—notifying your school district of your intent to retire does not begin any paperwork with us. You may file your application up to four months before your retirement date. If your application is received within 60 days after your date of termination of service, your retirement can take effect on your termination date. If, however, you file more than 60 days after your date of termination of service, your benefits will not be retroactive to that date; the earliest they may then begin is 15 days after we receive your application.

Do I have to retire at the end of the school year?

No—you may choose any day of the year as your effective date of retirement. However, if you choose to retire at the end of a school year and your school year ends in June, your retirement date will take effect on June 30, a date set by MTRS regulation.

What is my retirement benefit based on?

Except for accidental disability and termination retirement benefits, your retirement benefit is based on the following factors:

• Your age on your date of retirement: If your birthday is January 1, and you are retiring on June 30, your age factor will be based on your age as of your last birthday. We do not round up your age when determining an age factor. If you are age 65, you have reached the maximum age factor; the age factor does not increase after age 65.
• Your years of creditable service: This is the total number of years of creditable service you have accrued in the MTRS.
• The average of your highest three consecutive years’ salaries: Your salary average is based on your three highest consecutive years’ salaries or your last three years’ salaries.

Under the Massachusetts Retirement Law (M.G.L. c. 32), you may choose to retire under one of three benefit options: Option A, B or C.

For a step-by-step guide to regular (“superannuation”) retirement—including basic information and an online benefit estimator—please see Retiring from the MTRS: Regular and RetirementPlus.

For an overview of regular retirement issues—including the various tables and factors used in the benefit calculation formula—please see Regular retirement overview, factors, tables and worksheet.