Throughout your retirement, we will administer your benefits and provide you with information and services. You also need to contact us when certain events occur.
During your retirement, WE will…
Provide you with information regarding your retirement benefits and our services
We will gladly answer your questions on your MTRS benefits regarding your retirement and keep you up to date on relevant issues, such as pending benefits and our services, legislation , Board elections and cost-of-living adjustments by way of our newsletters and special mailings.
Process and pay your monthly retirement allowance
Every month, we will issue your benefit payment pursuant to your instructions (mailed check or direct deposit to your bank account). Every January, we will provide you with the payment schedule for the coming calendar year. In the event your check is stolen, we will issue a replacement.
Maintain an accurate record of your personal, financial and beneficiary information as a retiree
To ensure accurate processing of your benefits, we will maintain a record that includes your name, address, Social Security number, date of retirement, option retired under, payment method, beneficiary designation and, if any, the amounts you are having withheld for group health insurance or tax withholding.
By January 31 of each year, provide you with a Form 1099-R for tax purposes
Your Form 1099-R will indicate the total amount of your retirement benefits for the previous calendar year; the amount withheld by the MTRS for federal income taxes, if any; and, the amount, if any, withheld for your group health insurance premiums. We will also provide this information to the IRS.
Periodically, verify your eligibility to receive a retirement allowance
As part of our fiduciary responsibility to the Commonwealth’s pension system, we will contact you to confirm that you are, indeed, still living and eligible to receive your allowance.
In the event of your death, pay a survivor benefit, if any, pursuant to the retirement option you selected
Depending on the option you selected (A, B, or C), we will pay a survivor benefit, if any. Be assured that we will work to process the survivor benefit as sensitively and expeditiously as possible.
During your retirement, YOU need to contact us if and when you…
Change your name, address (temporary or permanent) or Social Security number
For your protection, we instruct the post office not to forward many of the documents we send to retirees (these often contain confidential benefit and tax information). Accordingly, it is very important that you send us written notification of changes to your personal data so that you are sure to receive our mailings.
Lose your retirement check
In the event of loss or theft, notify us in writing no earlier than one week after the mailing date to request that we issue a replacement check. We will place a stop-payment order on the check and issue a replacement, usually within five to ten days after we receive your written notification.
Want to change your:
- withholding for federal taxes
Each year at tax time, review your Form 1099–R so that you know what you are paying in federal taxes. To change the amount being withheld, send us a note indicating the desired change and effective date or request and submit a new Substitute Form W-4P .
- beneficiary (Option A and B retirees and survivor benefit recipients only)
Be aware of the status of your beneficiary. If you retired under Option A or B, you may change your designation at any time by submitting a new beneficiary designation form ; if your designee predeceases you, you may also name a new designee. If you retired under Option C and your beneficiary predeceases you, please notify the MTRS because your benefit will “pop up” to the Option A amount, and you may then name a designee to receive any benefits payable in the month of your death.
- payment method
If you retired prior to July 1, 2009 and are still receiving your monthly benefit via mailed check, we encourage you to switch to direct deposit.
Want to participate in the governance of the MTRS
Approximately three months before our Board elections (held every four years), we notify active and retired members of the upcoming nomination and election process. The next Board election will be held in the fall of 2015.
Become re-employed by a Massachusetts public employer and exceed the time and earnings limitations
If you want to work beyond the time and earnings limitations , you must notify the MTRS in writing that you wish to waive your retirement allowance for the period of employment. Your allowance will be suspended until you notify us that it should be reinstated.
Become divorced and your retirement allowance is divided
If applicable, the MTRS will pay your monthly allowance per the terms of a court order or the parties’ domestic relations order. Please see our booklet, What You Should Know As a Party to a Domestic Relations Order .
In the event of your death, your beneficiary should contact us regarding any survivor benefits
Advise your current beneficiary now that he or she should contact us in the event of your death. Be sure to keep your retirement papers with your other important documents.