May 2016 statement message
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!
How to read your check or direct deposit statement
“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 2013 through June 2014 payments, “COLA” refers to the FY2014 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.