If you were employed by any governmental unit within the Commonwealth and you do not have this period of employment credited in your retirement system, it may be possible to pay a make-up payment.  You would be required to pay into the retirement system the amount that would have been withheld for retirement plus the accrued interest through the month of your repayment.  Please have the Payroll Supervisor forward to the retirement office the payroll records for the dates of your employment, the salary paid per calendar year, the date of termination and whether you were employed on a full or part time basis.  If you were part-time, we require the number of hours employed per calendar year.  Once we receive all of the necessary information, a letter will be forwarded to you indicating the amount of the repayment and the due date.  In order to receive creditable service, any make-up payments must be made before the date of retirement.

May I be employed in the public sector after retirement?

There is no restriction on employment in the private sector.  However, employment for any town, city, or county within the Commonwealth of Massachusetts or for this state is restricted once you have retired.  You may be employed for only 960 hours in any calendar year.  Also, the amount you earn from any such political subdivision would be limited to the difference between your gross retirement allowance and the present salary from the job which you had retired.

For disability retirees, the amount of outside income you can earn is the difference between your gross retirement allowance and the present salary for the job from which you retired, plus $5,000.

Example:  Regular Retirement:

If your gross retirement benefit is $10,000 and the salary from the job from which you retired now pays $30,000, you can earn up to $20,000.  ($30,000 - $10,000)

Each year a statement must be filed with the department in which you were employed during your active service, the treasurer or the governmental unit that covered your employment, and your retirement board stating the number of hours worked and the salary received for the calendar year.  Should you exceed the allowable amount of hours (960) or income, you will be required to repay any excess salary earned to either the governmental unit covering that employment or the retirement board

Example:  Disability Retirement: 

If your gross retirement  allowance is $15,000 and the salary from the job from which you retired now pays $35,000, you can earn up to $25,000.  ($35,000 + $5,000 = $40,000 - $15,000, which equals $25,000.)  Remember that a disability retiree has an additional $5,000 to work with than a regular retiree.

Each year the Public Employee Retirement Administration Commission will request that each disability retiree submit an Earnings Statement to them which reflects outside income as a disability retiree.  That regulatory agency is responsible for mailing that request to the retiree, as well as reviewing that information upon its receipt.

Please note that any and all time or income restrictions on post-employment retirement are governed by Massachusetts General Laws, Chapter 32, sections 91 for regular retirement and 91A for disability retirement, as well as any and all regulations set forth by PERAC or the Gloucester Contributory Retirement Board, in accordance with M.G. L. C.32 s. 91 and 91A.

What about my health insurance?

Your health insurance premium may be deducted from your retirement allowance.  Questions regarding your coverage should be directed to the Personnel Department.  (978-281-9742)

Created on 2006-09-25 10:49:34 by amparisi Updated on 2009-09-08 09:58:57 by pivas