As a reminder, direct deposit statements are only mailed when...
- your first direct deposit is made;
- there is a change in the amount of your direct deposit from the prior month (for instance, if you change the amount of your federal tax withholding or your insurance premium changes);
- the MTRS needs to inform retirees of new information and prints a special notice on the top portion of the direct deposit statement; and
- the MTRS provides you with your year-end statement in December, showing your complete year-to-date information for the calendar year.
April 2013
Option A & B retirees and survivor benefit recipients: Do you need to name or update a beneficiary designee to receive any MTRS benefits that you earn in the month of your death? If you have a beneficiary on file with us, we will issue any final payment directly to that individual rather than to your estate, which could avoid additional paperwork and expense. To name or update your designee, go to www.mass.gov/mtrs, download a “Beneficiary Designation Form for Retirees and Survivors,” and mail your completed form to our Cambridge office. Questions? Need a form mailed to you? Call us at 617-679-6877.
March 2013
Benefit recipients: If you received a 2013 Benefit Verification Form and have not yet returned it, please do so ASAP. If you have already returned it, thank you! Also, please remember that it is very important that you notify us if your home address changes, or if you are going to be at a temporary address for longer than one month. To update your address, obtain a “Change of Address form” from our website at www.mass.gov/mtrs. If you have questions about this information or if you would like us to send you a “Change of Address form,” please call our Cambridge office at 617-679-6877. Thank you!
February 2013
Please note these two updates: (1) The IRS recently updated the federal tax withholding tables for 2013. Accordingly, if your federal tax withholding is based on IRS tax tables, the net amount of your monthly benefit may have changed, beginning with your February 2013 payment. (2) If you received a Benefit Verification Form from us in January and have not yet returned it, please do so as soon as possible. If you have already submitted your form, thank you! Questions? Visit www.mass.gov/mtrs or call us at 617-679-6877.
* * * The MTRS: Proudly serving Massachusetts educators since 1914. * * *
January 2013
If you received a retirement or survivor benefit payment from the MTRS in 2012, then you should receive your form 1099-R and Benefit Verification Form in the mail by the end of January. If you do not receive these forms by Feb. 11, 2013, please call our Cambridge office at 617-679-6877 to request duplicates, and be sure to complete and return your Benefit Verification Form by Feb. 28, 2013. For more information, visit our website at www.mass.gov/mtrs .
December 2012
Please note: 1) This is your 2012 year-end statement. Every December, we send you a summary of your year-to-date payment information for the calendar year. This is provided as a service to you, and is simply for your reference. 2) Some of you may notice a change in the amount of your health insurance premium. If you have insurance questions, please contact your district or, if applicable, the Group Insurance Commission (mass.gov/gic). 3) By the end of January, we will send you your 2012 1099-R tax form and 2013 Benefit Verification form in the same envelope. Questions? Call us at 617-679-6877.
November 2012
Retirees: It’s getting to be that time of year when some of you head to warmer climates. If you’re moving or spending a few months away from home, please tell us! It is important that you keep us informed of any change in your home address so that we are sure to mail your 1099R and Benefit Verification forms to you on time. To change your address, obtain a “Change of Address Form” online at mass.gov/mtrs or call us at 617-679-6877. For your protection, we cannot accept address changes over the phone, unless you wish to activate a temporary address you have already given us. Thank you!
October 2012
Retirees: It’s getting to be that time of year when some of you head to warmer climates. If you’re moving or spending a few months away from home, please tell us! It is important that you keep us informed of any change in your home address so that we are sure to mail your 1099R and Benefit Verification forms to you on time. To change your address, obtain a “Change of Address Form” online at mass.gov/mtrs or call us at 617-679-6877. For your protection, we cannot accept address changes over the phone, unless you wish to activate a temporary address you have already given us. Thank you!
September 2012
Attention retirees: If you are considering going back to work for a Massachusetts public employer (as a direct hire, independent contractor or contracted through a third party), or are already doing so, please be aware of the earnings and time restrictions for MTRS retirees who return to public service in Massachusetts. With the number of educators retiring in recent years, we receive questions from many retirees on this topic. For detailed information, please visit mass.gov/mtrs/2members/22retiree/22work.htm or call us at 617-679-6877.
August 2012
Option A & B retirees and survivor benefit recipients: Do you need to name or update a beneficiary designee to receive any MTRS benefits that you earn in the month of your death? If you have a designee on file with us, we may issue any final payment directly to an individual rather than to your estate, which could require additional paperwork and expense. To name or update your designee, go to mass.gov/mtrs, download our “Beneficiary Designation Form for Retirees and Survivors,” and mail your completed form to our Cambridge office. Questions? Need a form mailed to you? Call us at 617-679-6877.
July 2012
To members who retired on or before 6/30/2011: As you may know, the governor and legislature approved a 3% cost-of-living adjustment (COLA) as part of the Commonwealth’s FY2013 budget. Effective July 1, 2012, this COLA allows an increase of 3% on the first $13,000 of the retirement benefit, for a maximum increase of $390/year or $32.50/month. Members who retired on or before 6/30/2011 are eligible to receive this COLA. The COLA is included in this month’s gross amount, which will be your new monthly gross amount until any future COLAs are granted. Questions? See mass.gov/mtrs or call 617-679-6877.
June 2012
If your insurance premiums are withheld from your monthly benefit, you may see a change in this month’s payment as most school districts and the Group Insurance Commission (GIC) have changed their rates effective July 1, 2012. Questions about your premiums? Contact your district’s coordinator or the GIC (mass.gov/gic; 617-727-2310). Questions about your MTRS benefits? Contact us at mass.gov/mtrs or 617-679-6877. Notice to direct deposit payees: your May 2012 deposit was delayed by one day; if you incurred bank charges as a result, go to mass.gov/treasury for info on how to request reimbursement.
May 2012
Note: Because of a data entry error at Treasury, our message did not appear on the printed statement. Retirees: Continue your education—come to Retirement U, a free, half-day morning seminar designed especially for MTRS retirees. The program features presentations on being a smart financial consumer, estate planning, and the recent pension reform bill. Two locations/dates:
- Holyoke, Log Cabin Banquet & Meeting House; Thursday, June 14, 8:30 a.m.
- Wakefield, Sheraton Colonial Hotel; Wednesday, June 20, 8:30 a.m.
To attend, simply register online at www.mass.gov/mtrs or call us at 617-679-6877. We hope you can attend!
April 2012
Still receiving your monthly payment as a mailed check? Please consider direct deposit:
- No trips to the bank or waiting in line to cash your check,
- No risk of your payment getting stolen or lost in the mail,
- Instant access to your payment on the last business day of the month,
- Plus, you’ll help the environment and reduce costs for our pension system!
It’s easy to sign up for direct deposit: call us at 617-679-6877 and request the form or download it from our website at www.mass.gov/mtrs. Thank you!