RETIREE eNEWS BULLETIN
The July issue of the Retiree eNews Bulletin is now posted online. Click here to take a look!
FY 2016 COLA UPDATE: APPROVED!
On Friday July 17th, Governor Baker approved most of the FY 2016 budget as submitted by the Legislature. The retiree COLA was approved at 3% and will be applied to the first $13,000 of an eligible* retiree’s annual benefit effective July 1, 2015. The Board expects to be able to include the increase in this month's benefit payments.
*Please note: Members whose effective retirement date was July 1, 2014 or later are not eligible for the COLA until next fiscal year. Members become eligible for a COLA beginning on July 1st of the second fiscal year following the year in which their retirement benefit first took effect, and each year thereafter, if a COLA is approved annually by the Legislature.
2015 PENSION PAYCHECK SCHEDULE
July pension checks will be mailed on Wednesday, July 29th and direct deposits will be made on Friday, July 31st as scheduled. To download the complete 2015 Pension Paycheck Schedule Click here!
MSRB SUMMER ACTIVE MEMBER NEWSLETTER
The Summer issue of the MSRB Active Member Newsletter is now available. Click here to take a look!
NOTE: Group Insurance Commission's health and dental rates have changed effective July 1, 2015. If you have questions about your premiums, please contact the GIC at (617) 727-2310, Ext. 1 or 6.
PENSION ESTIMATE PERCENTAGE CHART
Click here for Retirement Percentage Chart
Members can calculate their own retirement benefit estimate using the above Retirement Percentage Chart. Information on how benefits are calculated can be found in our Retirement Benefit Guide beginning on page 14.
Last year, the Department of Higher Education received a favorable ruling from the Internal Revenue Service regarding implementation of Section 60 of the state's Pension Reform Act of 2011, thus providing the opportunity to re-evaluate choice of retirement plans: the ORP or the Massachusetts State Employee's Retirement System (MSERS). Please click on link for more information ORP Information
Please direct your ORP queries to the ORP email box: ORP@bhe.mass.edu
Click here to view the MSERS ORP Seminar Presentation file size 1MB
PLEASE NOTE: Employees of the Massachusetts State Retirement Board cannot, and are not authorized to, advise you in any manner as to which plan is better suited for you. Please carefully review all materials that were mailed to you by the DHE. Certain plan provisions under the MSERS may not be applicable to transferring ORP participants.