21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Massachusetts Retirement Benefits Plan
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US-CC-21-166
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Massachusetts for each dollar invested by Massachusetts taxpayers in MTRS. Employees contribute 5-11% of salary out of each paycheck to the pension fund. The average retirement benefit is 38,637 per year, or $3,220 per month.
Qualifying for a Retirement Benefit For most members, that means you have a minimum of 10 years of full-time creditable service.
The yearly pension is determined by your age at retirement, years of state service, salary and group classification. The maximum pension that can be received is 80% of the average three or five highest consecutive years of salary. You can file for retirement no sooner than 120 days before you plan to retire.
The yearly pension is determined by your age at retirement, years of state service, salary and group classification. The maximum pension that can be received is 80% of the average three or five highest consecutive years of salary. You can file for retirement no sooner than 120 days before you plan to retire.
The receipt of both a Social Security allowance and a Massachusetts public pension may result in the reduction of the amount received from Social Security in most circumstances.
Correctional employees of the Department of Correction seeking a ?20/50? retirement benefit must have 20 years of creditable service with the department and must be classified in Group 4 to retire at any age.
