“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.
The average life expectancy at retirement is approximately 25-30 years. The best plan for future financial security involves having several sources of income rather than just one.
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.
For example, if you decide during summer vacation that you want to retire instead of returning to the classroom in the fall, the MTRS must receive your completed application on or before August 29 to use June 30 as your retirement date and have your benefits be retroactive to June 30. If the MTRS receives your application on August 30, your earliest retirement date would be September 14, and you would lose two and a half months' worth of retirement benefits (from July 1 through September 14).
For a step-by-step guide to regular (“superannuation”) retirement—including basic information and an online benefit estimator—please see Apply for retirement: Regular and RetirementPlus.
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, ordinary disability/veteran 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 your effective membership date is:
- BEFORE April 2, 2012, you will reach the maximum age factor at age 65.
- ON OR AFTER April 2, 2012, you will reach the maximum age factor at age 67.
- Your years of creditable service: This is the total number of years of creditable service you have accrued in the MTRS.
- Your final salary average: The average of either your highest salaries or your last salaries for either three years (if your effective membership date is before April 2, 2012) or five years (if your effective membership date is on or after April 2, 2012).
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.