FY 2017 COLA UPDATE: APPROVED!
On Friday July 8, 2016, Governor Baker approved most of the FY 2017 budget, including the retiree COLA (Cost-of-Living Adjustment), as submitted by the Legislature. If you retired prior to July 1, 2015 and are otherwise eligible, this month's benefit payment will include the COLA.
The COLA allows an increase of 3% of the first $13,000 of your annual benefit paid in monthly installments, effective July 1, 2016, for a maximum increase of $390/year or $32.50/month.
If you have direct deposit and have not elected to go-green you will receive a July statement. We suggest you keep the statement as a record of your monthly benefit. As always, you can view your statement online at www.mass.gov/payinfo. Your ID is on your statement below your name.
2016 PENSION PAYCHECK SCHEDULE
July pension checks will be mailed on Wednesday, July 27th and direct deposits will be made on Friday, July 29th, as scheduled. To download the complete 2016 Pension Paycheck Schedule Click here!
GIC HEALTH INSURANCE RATES CHANGED JULY 1st!
Most Group Insurance Commission's (GIC) health and dental rates changed on July 1, 2016. Therefore, if you have health insurance through the GIC, please note that any changes to your monthly premium amount was reflected in your June benefit payment. If you have health or dental insurance questions, please call the GIC at (617) 727-2310, ext. 1 or 6.
2016 BENEFIT VERIFICATION PROCESS Update
To date, more than 55,000 Benefit Verification Forms have been received, reviewed and approved by the MSRB. Thank you to all those members who have returned their BVF form! Second BVF requests were mailed in early June to all those who have not yet submitted a valid form to the MSRB. Enclosed with the second BVF is a letter that outlines common reasons for the forms to be determined invalid. Click here for more information.
DO YOU NEED HELP FINDING OUR BOSTON OFFICE?
If so, you'll want to watch the MSRB's newest video, How to find our Boston office! It will show, and explain to you, how to find our exact location within the heart of Downtown Crossing in Boston. Please take a look and let us know what you think! Email your feedback to MSRBCommunications. We look forward to hearing from you!
ATTENTION RETIREES: DO YOU HAVE A NEW ADDRESS?
Be sure to notify the State Retirement Board if your mailing address has recently changed. Click the following link to download the Change of Address Form .
RETIREE eNEWS BULLETIN
The May/June issue of the Retiree eNews Bulletin is now available! Read it here!
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.
Section 60 of the Pension Reform Act of 2011 (Chapter 176 of the Acts of 2011) allowed certain* ORP participants a one-time opportunity to change their retirement coverage to the Massachusetts State Employees’ Retirement System (MSERS). *Individual eligibility was confirmed when the participant received the official packet at their home address.
The most current ORP updates are posted on the Massachusetts Department of Higher Education's (DHE) website. Click the following link to view: ORP Information
Please direct your ORP queries to the DHE ORP email box: ORP@bhe.mass.edu
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.