Your benefit payment

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.

“Earnings” box (first column) Your gross pay is broken into the following components:

• BASE: Your total monthly benefit amount plus any past cost-of-living adjustments (COLAs).
• COLA: The monthly amount for the current year’s COLA, if any. For example on check stubs and direct deposit statements for July 2012 through June 2013 payments, “COLA” refers to the FY2013 COLA.
• BASE-ADJ: If applicable, the amount of an adjustment to your payment.

“Deductions” box (second column) If you receive your insurance coverage through:

• the state’s Group Insurance program , the amount withheld for your group health and life insurance premium will be listed as “GROUP INS,” and any amount withheld for a dental insurance premium will be listed as “GIC DNTL.”
• your school district’s program, an individual premium amount for each type of insurance coverage will appear:
  • MEDICAL D: Cost of the first health insurance which you carry through your group insurance program.
  • MEDICAL I: Cost of a second health insurance coverage if your spouse is included in your coverage.
  • DENTAL: Cost of your dental coverage (if offered by your group insurance program)
  • LIFE INSU: Cost of your basic life insurance (normally, between $1,000 and $12,500 worth of coverage). You can contact your Benefits Coordinator at your district to determine the value and beneficiaries of your life insurance policy.
  • OPTIONAL: Cost of any optional life insurance coverage you may have (if offered by your group insurance program)
  • OTHER MED: Cost of your vision coverage (if offered by your group insurance program)
  • FEDERAL I: Monthly federal income tax withheld

If you receive your benefit by direct deposit (also known as electronic funds transfer), you will note that your bank’s routing number, your bank account number and the type of account are also listed on the statement. For security purposes, only the last four digits of your banking numbers appear; the initial members are replaced with Xs.