Laws On Retirement In Massachusetts
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The Employee Retirement Income Security Act of 1974, or ERISA, protects the assets of millions of Americans so that funds placed in retirement plans during their working lives will be there when they retire. ERISA is a federal law that sets minimum standards for retirement plans in private industry.
If you are eligible for spousal or widow's benefits under Social Security, these benefits may be reduced under the “Government Pension Offset (GPO)” provision. The reduction in spousal or widow's benefits is 2/3rds of the amount of your Massachusetts pension.
The “20/50” Benefit is available to certain correctional employees who are employed by either the Department of Correction or by a County Sheriff's Department in a Correction Officer role for at least 20 years.
You are eligible for retirement from the Massachusetts State Employee Retirement System (MSERS) at any age with twenty or more years of state service or at age 55 or 60 (depending on hire date) with 10 or more years of state service.
Membership in a contributory retirement system is mandatory for nearly all Massachusetts public employees who are regularly employed on a full-time basis.
To qualify for a retirement benefit you must be vested in your retirement system. Vesting means you have met the minimum service requirements to qualify for a benefit. For most members, that means you have a minimum of 10 years of full-time creditable service.
For most retirees, receiving a pension won't affect the amount of your Social Security payouts. You can enjoy both. However, if your pension comes from a certain type of job, your benefits could be impacted.
The WEP may apply if you receive both a pension and Social Security benefits. In that case, the WEP can reduce your Social Security payments by up to 50% of your pension amount. This reduction is known as the WEP PIA.
You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2025, your benefit would be about 30% lower than it would be at your full retirement age of 67.
