July 2014 statement message

To members who retired on or before 6/30/2013: As you may know, the governor and legislature approved a 3% cost-of-living adjustment (COLA) as part of the Commonwealth's FY2015 budget. Effective July 1, 2014, 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 6/30/3013 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.

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.