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FAQ's
- Retirement
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When can I retire?
If you are a member of the State Employee Retirement
System (SERS), you are eligible to retire at age 55 with at least 10 years of
state service, or at any age with at least 20 years of state service.
If you are a member of the Optional Retirement
Program (ORP), you may "retire" anytime after terminating service with the
Commonwealth. However, if you want to maintain your current health and life
insurance coverage, you must be age 55 with at least 10 years of state service,
or any age with 20 years of service.
What does it mean to be vested?
The term "vested" means you are eligible for
retirement benefits. Members of SERS are vested after 10 years of creditable
service. Members of ORP are vested immediately (i.e. eligible to collect a
pension, see question below relative to health insurance benefits).
How is my pension determined?
For SERS members, your pension is based on your age,
years of service, salary (average of three highest years) and the payment option
you choose when you file for retirement.
For ORP members, your pension is based on your
account balance and distribution method that you select.
What about my insurance benefits after retirement?
Your group health and life insurance continues after
retirement unless you choose to make a change. The GIC allows employees to
change health plans effective on their retirement date and to reduce or cancel
their optional life insurance (the rates increase dramatically upon retirement).
For ORP retirees, group health and life will
continue as long as you meet the specific requirements as described in the
literature provided to you upon termination with the Commonwealth. See the
BHE's website for complete
information on these requirements.
Dental insurance terminates on the last day of the
month of your retirement. You may choose to enroll in the Altus Dental Plan
offered to retirees through the Group Insurance Commission. Information
regarding that plan will be sent to you directly after your retirement.
Long-Term Disability (LTD) insurance terminates upon
retirement.
When will I receive my first pension check?
Your first pension check from the State Board of
Retirement usually arrives at the beginning of the month 1 to 3 months following
your retirement.
ORP retirees should contact their provider for this
information.
Will my pension check be deposited directly into my account(s) like my
regular paycheck?
Even though you were enrolled for direct deposit for
your paycheck, you will receive a check from the State Board of Retirement until
you sign up for direct deposit with them. The Board usually includes a form for
enrollment with the first pension check.
ORP retirees should contact their
provider for this information.
What do I need to do to retire?
If you are a SERS member, contact the State Board of
Retirement [617-367-7770] to speak with a counselor to determine your benefits
and retirement date and to obtain an application. You can also download an
application from their website at
http://www.state.ma.us/treasury/srb.htm.
ORP members should contact their provider for
information relative to their retirement benefits and procedures.
Once you have decided on your retirement date, you
should submit written notification to the College (i.e. your supervisor and
Human Resources) indicating your intent to retire. Your sick leave buy-back and
any accrued vacation and compensatory time will be automatically processed on
the appropriate payroll(s).
You should obtain a GIC Form 1 from the
Payroll Office, complete the personal information, indicate your retirement date
and any changes you wish to make to your insurance coverage, sign it and return
it to the Payroll Office for processing.
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